Section 150(1) in Gauhati Municipal Corporation Act, 1971
(1)The rateable value of any land or building assessable to property taxes shall be the annual rent at which such land or building might reasonable be expected to let from year to year, less -(a)A sum equal to ten per cent of the said annual rent which shall be in lieu of all allowances for cost of repairs and insurance, and other expenses, if any, necessary to maintain the land or building in a state to command that rent; and(b)The water tax or the scavenging tax or both if the rent is inclusive of either or both of the said taxes:Provided that if the rent is inclusive of charges for water supplied by measurement, then for the purpose of this section, the rent shall be treated as inclusive of water tax on rateable value and the deduction of the water tax shall be made as provided therein:Provided further that in respect of any land or building the standard rent or which has been fixed under the Assam Urban Area Rent Control Act, 1951, the rateable value thereof shall not exceed the annual amount of the standard rent so fixed.
