TMI BlogValuation of houseX X X X Extracts X X X X X X X X Extracts X X X X ..... ion 100/8; and ( b ) the amount arrived at by multiplying the net maintainable rent in respect of the remaining part of the house, if any, by the fraction 100/9 : Provided that in relation to a house which is built on leasehold land, this sub-rule shall have effect as if for the fraction 100/8 in clause (a) or, as the case may be, the fraction 100/9 in clause (b), the fractions 100/9 and 100/10, respectively, had been substituted. Explanation . - For the purpose of this sub-rule, a house shall be deemed to be mainly used for residential purposes, if the built-up floor area thereof used for residential purposes is not less than sixty-six and two-third per cent of its total built-up floor area (2) ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ouse, means the amount of the gross maintainable rent as reduced by - (i) the amount of taxes levied in the previous year by any local authority in respect of the house; (ii) a sum equal to one-sixth of the amount by which the gross maintainable rent exceeds the amount referred to in sub-clause (i), in respect of the repairs of the house; (iii) any sums spent during the previous year to collect the rent from the house, not exceeding six per cent of the amount by which the gross maintainable rent exceeds the amount referred to in sub-clause (i) ; (iv) the amount of any premium paid during the previous year to insure the house against any risk of damage or destruction ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ule, - (i) aggregate area in relation to the plot of land on which the house is built, means the aggregate of the area on which the house is built and the unbuilt area ; (ii) specified area in relation to the plot of land on which the house is built means, - (a) where the house is situated at Bombay, Calcutta, Delhi or Madras, sixty per cent of the aggregate area ; (b) where the house is situated at Agra, Ahmedabad, Allahabad, Amritsar, Bangalore, Bhopal, Cochin, Hyderabad, Indore, Jabalpur, Jamshedpur, Kanpur, Lucknow, Ludhiana, Madurai, Nagpur, Patna, Pune, Salem, Sholapur, Srinagar, Surat, Tiruchirapalli, Trivandrum, Vadodara (Baroda) or Varanasi (Banaras), sixty-five per ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... rmined by the Government or such authority for the purpose of calculating such increase and the amount of the premium paid or payable to the Government or such authority for the lease of the land. (5) Nothing contained in this rule shall apply, ( i ) where, having regard to the facts and circumstances of the case, the Wealth-tax Officer, with the previous approval of the Inspecting Assistant Commissioner, is of opinion that it is not practicable to apply the provision of this rule to such a case; or ( ii ) where the difference between the unbuilt area and the specified area exceeds twenty per cent of the aggregate area; or ( iii ) where the house is built on leasehold land and the lease expire ..... X X X X Extracts X X X X X X X X Extracts X X X X
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