(1)Notwithstanding anything contained in the West Bengal Premises Tenancy Act, 1956 (West Ben Act XII of 1956). or in any other law for the time being in force, for the purpose of assessment of the property tax, the annual value of a holding comprising land or building shall be deemed to be the gross annual rent including service charges, if any, at which such land or building might, at the time of assessment. be reasonably expected to let from year to year, less an allowance of ten percent [***] [Words 'of such annual value omitted by the West Bengal Act 13 of 1995, w.e.f. 5.9.1995.] for the cost of repairs and other expenses necessary to maintain such land or building in a state to command such gross rent.(1A)[ The procedure for determination of gross annual rent under this section shall be such as may be prescribed.] [Inserted by section 5 of the West Bengal Municipal (Amendment) Act, 2009 (West Bengal Act III of 2009), w.e.f. 1.6.2009.](2)[ The annual value of a holding comprising land which is not built upon, shall be deemed to be an amount which may be equal to, but may not exceed, five per cent of the estimated market value of such land at the time of assessment:Provided that such holding, if utilised for any gainful purpose, shall be deemed to be in commercial use for the purpose of levy of surcharge under section 97.] [[Substituted by the West Bengal Act 13 of 1995, w.e.f. 5.9.1995 for following :'(2) The annual value of a holding comprising land which is not built upon, shall be deemed to be an amount equal to, not exceeding, five per cent, of the estimated market value of such land at the time of assessment :Provided that such holding utilised for any gainful purpose shall be deemed to be in commercial use for the purpose of levy of surcharge under section 97.]](3)If the gross annual rent of any class or classes of lands or buildings cannot be easily estimated, the annual value of a holding comprising such land or building shall be deemed to be an amount [not exceeding ten per cent] [Substituted 'not less than five per cent, but not exceeding ten per cent,' by Act No. 34 of 2017, dated 15.9.2017] of the value of the holding obtained by adding the estimated cost of erecting the building at the time of assessment less [an amount to be deducted as per rates provided under the Income Tax Act, 1961, (43 of 1961), applicable for the financial year of assessment on account of depreciation,] [Substituted by section 23 of the West Bengal Act 16 of 2002, w.e.f. 2.9.2002 for ' a reasonable amount to be deducted on account of depreciation.'] if any, to the estimated present market value of the land [comprised in the holding] [Substituted by West Bengal Act 13 of 1995, w.e.f. 5.9.1995 for 'valued with the buildings as part of the same premises'.].(4)The estimated cost of erecting a building shall not, for the purpose of determination of annual value, include the cost of any plant or machinery (except those enumerated in Schedule III) on the land or the building as aforesaid.(5)The annual value as determined under this Chapter shall be rounded off to the nearest ten rupees.
