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[Cites 0, Cited by 8] [Entire Act]

State of Uttar Pradesh - Section

Section 140 in The U.P. Municipalities Act, 1916

140. [ Definition of annual value.

(1)"Annual Value" means -
(a)in the case of railway stations, colleges, schools, hotels, factories, commercial buildings and other non-residential buildings, twelve times the value arrived at on multiplying with multiplier to be fixed by rules in the monthly rate of rent per square foot of residential buildings fixed under clause (b) with the covered area of the buildings or open area of the land or both, as the case may be.
(b)in the case of a building or land not falling within the provisions of clause (a), twelve times the value arrived at on multiplying the carpet area of the building, or the area of the land, by the applicable minimum monthly rate of rent per square foot of the carpet area in the case of building or the applicable minimum monthly rate of rent per square foot of the area in the case of land, as the case may be, and for this purpose the minimum monthly rate of rent per square foot shall be such as may be fixed once in every two years by the executive officer of the Municipality on the basis of the location of the building or the land, nature of the construction of the building, the circle rate fixed by the Collector for the purpose of the Indian Stamp Act, 1899 and the current minimum rate of rent in the area for such building or land and such other factors, and in such manner, as may be prescribed :
Provided that where the annual value of any building would, by reason of exceptional circumstances, in the opinion of the Municipality, be excessive if calculated in the aforesaid manner, the Municipality may fix the annual value at any less amount which appears to it equitable.Explanation I. - For the purpose of calculation of annual value the carpet area shall be calculated as under :
(i)Rooms-full measurement of internal dimension;
(ii)Covered Verandah-full measurement of internal dimension;
(iii)Balcony, Corridor, Kitchen and Store-50 per cent measurement of internal dimension;
(iv)Garage-one-fourth measurement of internal dimension;
(v)Area covered by bathroom, latrines, portico and staircase shall not form part of the carpet area.
Explanation II. - The standard rent, the agreed rent or the reasonable annual rent of a building for the purposes of the Uttar Pradesh Urban Buildings (Regulation of Letting, Rent and Eviction) Act, 1972 shall not be taken into account while calculating the annual value of the building.
(2)Where the Municipality so resolves, the annual value for the purpose of assessment of property taxes shall -
(a)in the case of land and owner-occupied residential building which is not more than ten years old, be deemed to be 25 per cent less and if it is more than ten years but not more than twenty years old, be deemed to be 32.5 percent less, and if it is more than twenty years old, be deemed to be 40 per cent less than the annual value determined under clause (b) of sub-section (1); and
(b)in the case of residential building let on rent, which is not more then ten year old, be deemed to be 25 per cent more and if it is more than ten years but not more than twenty years old, be deemed to be 12.5 per cent more than the annual value determined under clause (b) of sub-section (1), and if it is more than twenty years old, be deemed to be equal to the annual value determined under clause (b) of sub-section (1).
[Inserted by U.P. Act No. 8 of 2011.]
Substituted by U.P. Act No. 8 of 2011. Prior to substitution, it stood as under:140. Definition of annual value.- (1) 'Annual value' means, -(a) in the case of railway stations, hotels, colleges, schools, hospitals, factories, and other such buildings, a proportion not exceeding five per centum, to be fixed by rule made in this behalf of the sum obtained by adding the estimated present cost of erecting the building to the estimated value of the land appurtenant thereto; and(b) in the case of a building or land not falling within the provisions of clause (a), the gross annual rent for which such building, exclusive of furniture or machinery therein, or such land is actually let or where the building or land is not let or in the opinion of the Municipality is let for a sum less than its fair letting value, might reasonably be expected to let from year to year.(2) Provided that where the annual value of any building would by reason of exceptional circumstances, in the opinion of the Municipality be excessive if calculated in the aforesaid manner, the Municipality may fix the annual value of any less amount which appears to it equitable.