Definition of "annual Value".

For the Purposes of this Regulation "annual value" means- (a) in the case of land the gross annual rent at which it may reasonably be expected to let from year to year: Provided that in the case of land assessed to land-revenue or of which the land-revenue has been wholly or in part exempted or remitted, the Administrator may direct that the annual value shall be deemed to be double the amount of the land-revenue for the time being leviable on the land, whether such assessment is leviable or not, or, when the land-revenue has been wholly or in the part exempted or remitted, double the amount which, but for such exemption or remission, would have been leviable: (b) in the case of any house of building the gross annual rent, at which such house or building, together with its appurtenances and any furniture that may be let for use or enjoyment therewith, may reasonably be expected to let from year to year the subject to the following deductions, namely:-- (i) such deduction not exceeding twenty per centum of the gross annual rent as the Municipality may consider a reasonable allowances on account of the furniture let with the house or building; (ii) a deduction of ten per centum of the balance of the gross annual rent after allowing the deduction (if any), under sub-clause (i) for cost of repairs and for all other expenses necessary to maintain the building in a state to command such gross annual rent; (iii) where land is let with a building, such deduction, not exceeding twenty per centum of the gross annual rent as the Municipality may consider reasonable on account of the actual expenditure (if any) annually incurred by the owner on the upkeep of the land in a state to command such gross annual rent; (c) in the case of any house of building the gross annual rent of which cannot be determined under clause (b) five per centum of the sum obtained by adding the estimated present cost of erecting the building less such amount as the Municipality may deem reasonable to be deducted on account of depreciation (if any) to the estimated market value of the site and any land appertaining to the house of building; Provided that - (i) in the calculation of the annual value of any premises, no account shall be taken of any machinery theron; and (ii) where, in the opinion of the Municipality, the annual value of any building would by reason of exceptional circumstances be excessive, if calculated in accordance with the foregoing provisions of this section, the Municipality may fix the annual value as such less amount as appears to it equitable. Explanation I. -- for the purpose of clause (b), it is immaterial whether the house or building and the furniture and the land let for use or enjoyment therewith, are let by the same contract or by different contracts and if by different contracts, whether such contracts are made simultaneously or at different times. Explanation II. -- The expression "gross annual rent" does not include any tax payable by the owner in respect of which the owner and tenant have agreed that it shall be paid by the tenant.