Section 174(1) in The Calcutta Municipal Corporation Act, 1980
(1)Notwithstanding anything contained in the West Bengal Premises Tenancy Act, 1956 or in any other law for the time being in force, for the purpose of assessment to the consolidated rate, the annual value of any 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 per cent., for the cost of repairs and other expenses necessary to maintain such land or building in a state to command such gross rent :[provided that where there is a transfer, inter vivos, of ownership of any land or building since the last preceding periodical assessment under section 179, the annual value of such land or building shall be fixed at seven and a half per cent, of the amount stated in the deed of transfer as consideration for such transfer or, if no consideration is stated in such deed of transfer, at seven and a half per cent, of the estimated market value thereof:] [Proviso inserted by W.B. Act 26 of 1997.][Provided further that] [Words substituted by W.B. Act 26 of 1997.] while determining the annual value in the case of any land or building or portion thereof exclusively used by the owner for his residential purpose, the gross annual rent of such land or building or portion, as the case may be, shall be reduced,-(a)where the gross annual rent does not exceed six hundred rupees, by thirty per cent.;(b)where the gross annual rent exceeds six hundred rupees but does not exceed eighteen thousand rupees, by such percentage of the gross annual rent as is worked out by dividing the gross annual rent by six hundred and subtracting the quotient from thirty-one, the difference being rounded off to the nearest place of decimal :[Provided also] [Words substituted by W.B. Act 26 of 1997.] that no such reduction in gross annual rent shall be made-(a)in case the total covered area in any land or building under occupation for residential purpose by the owner exceeds one hundred and fifty square metres, or(b)where a person owns or occupies for residential purpose more than one plot of land or building or portions thereof within the municipal limit of Calcutta.
