(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'.].
