(a) the annual value of land shall be deemed to be the gross annual rent at which the land might at the time of assessment reasonably be expected to be let from year to year:
(i) the amount of the land revenue for the time being assessed on the land, whether such assessment is leviable or not; or
(ii) when the land revenue has been wholly or in part compounded for or redeemed, the amount which would have been leviable but for such composition or redemption; and
(b) the annual value of any building shall be deemed to be the gross annual rent at which such building, together with its appurtenances and any furniture that may be let for use or enjoyment therewith, might reasonably at the time of assessment be expected to be let from year to year, less an allowance of ten per cent for the cost of repairs and for all other expenses necessary to maintain the building in a State to command such gross annual rent.
Explanation I:-
Explanation II:-
(c) the annual value of any building, the gross annual rent of which cannot be determined under clause (b), shall be deemed to be eight and a quarter per cent on the sum obtained by adding the estimated present cost of erecting the building, less any amount which the Commissioner may deem it reasonable to deduct for depreciation, to the estimated market value of the land valued with building as part of the same premises:
(ii) when a building is occupied by an owner under such exceptional circumstances to render excessive a valuation of eight and a quarter per cent on the cost of erecting the building, less depreciation, a lower percentage may be taken.
Section 109 • The City of Panaji Corporation Act, 2002
109. Annual value of land or building how to be ascertained.
the-city-of-panaji-corporation-act-2002-sec-109.json
•
Section 109
{
"act_title": "The City of Panaji Corporation Act, 2002",
"act_slug": "the-city-of-panaji-corporation-act-2002",
"section_label": "Section",
"section": {
"number": "109",
"title": "109. Annual value of land or building how to be ascertained.",
"chapter": null,
"content": "(a) the annual value of land shall be deemed to be the gross annual rent at which the land might at the time of assessment reasonably be expected to be let from year to year:\n(i) the amount of the land revenue for the time being assessed on the land, whether such assessment is leviable or not; or\n(ii) when the land revenue has been wholly or in part compounded for or redeemed, the amount which would have been leviable but for such composition or redemption; and\n(b) the annual value of any building shall be deemed to be the gross annual rent at which such building, together with its appurtenances and any furniture that may be let for use or enjoyment therewith, might reasonably at the time of assessment be expected to be let from year to year, less an allowance of ten per cent for the cost of repairs and for all other expenses necessary to maintain the building in a State to command such gross annual rent.\nExplanation I:-\nExplanation II:-\n(c) the annual value of any building, the gross annual rent of which cannot be determined under clause (b), shall be deemed to be eight and a quarter per cent on the sum obtained by adding the estimated present cost of erecting the building, less any amount which the Commissioner may deem it reasonable to deduct for depreciation, to the estimated market value of the land valued with building as part of the same premises:\n(ii) when a building is occupied by an owner under such exceptional circumstances to render excessive a valuation of eight and a quarter per cent on the cost of erecting the building, less depreciation, a lower percentage may be taken.",
"footnote": "",
"is_definition": false,
"sort_order": 107
},
"prev_section": "108",
"next_section": "110"
}