(1)The annual value of holding shall be deemed to be the gross annual rental, at which the holdings may reasonably be expected to let, less a deduction, in case of buildings only, [fifteen per cent] [Substituted vide Orissa Act No. 20 of 1968.] of such annual rent and the said deduction shall be lieu of all allowance for repairs or on any other account whatsoever.(2)If there be on the holding a building or buildings, the actual Cost of erection of which can be ascertained or estimated and which is or are not intended foe letting or for the residence of the owner himself, the value of such holding shall be deemed to be an amount which may be equal to, but not exceed seven and a half per centum on such cost in addition to a reasonable ground rent for the land comprised in the holding.[* * *] [Deleted vide Orissa Act No. 12 of 1953.](3)The value of any machinery or furniture which may be on a holding such not be taken into consideration in estimating the annual value of such holding under this section;
