Levy of tax on immovable property.

(1) There shall be charged, levied and paid for each year, a tax on lands or buildings or both situate in an urban area at a rate of seven per centum of the annual letting value of the land or building.

(2) The tax levied under sub-section (1) shall fall due on such dates as may be prescribed and be payable to the State Government by the owner of the land or building, as the case may be.

(3) The tax levied and payable under sub-section (1) shall be in addition to any other tax for the time being payable under any other enactment for the time being in force in respect of the land or the building, or portion thereof.

"(4) Notwithstanding anything contained in any enactment for the time being in force or any contract or agreement to the contrary, no owner of building or land shall be entitled to settle or increase the rent payable by any tenant so as to include in it any proportion of the tax payable under this section".