Section 50B in The Punjab Town Improvement Act, 1922
50B. [ Principles for calculating betterment contribution. - The betterment contribution shall be in respect of each property according to the following principles:-
(a)its market value on the date of the publication of the notification sanctioning the scheme shall be estimated without reference to the improvements and development contemplated in the scheme;(b)for each financial year succeeding the year in which the scheme takes effect, its market value on the first day of April of that year shall be ascertained by the chairman;(c)if, in any financial year, the market value estimated under clause (b) does not exceed that estimated under clause (a), no betterment contribution shall be levied for that year;(d)if, in any financial year, the estimated market value under clause (b) exceeds that estimated under clause (a), the trust shall levy a betterment contribution on the difference according to the percentage fixed in the scheme :Provided that in estimating the market value of land under clause (a) or under clause (b), the value of buildings or other works erected or in the course of erection on such land shall not be taken into consideration.] [Sections 50-A, 50-B, 50-C and 50-D, added by Punjab Act 15 of 1952.]
