THE SCHEDULE

(See section 16) Manner in which and principles according to which net average monthly income is to be calculated 1. The competent authority shall first determine the gross rent actually derived by the owner of the land acquired, including any building on such land, during the period of five consecutive years referred to in sub-section (1) of section 16. 2. For such determination the competent authority may hold any local inquiry and obtain, if necessary, certified copies of extracts from the property tax assessment books of the municipal or other local authority concerned showing the rental value of such land. 3. The net average monthly income referred to in sub-section (1) of section 16 shall be sixty per cent of the average monthly gross rent. The average monthly gross rent shall be one-sixtieth of the gross rent during the five consecutive years as determined by the competent authority under paragraph 1. 4. Forty per cent of the gross monthly rent referred to above shall not be taken into consideration in determining the net average monthly income but shall be deducted in lieu of the expenditure which the owner of the land would normally incur for payment of any property tax to the municipal or other local authority, for collection charges, income-tax or bad debts as well as for works of repair and maintenance of the buildings, if any, on the land. 5. Where the land or any portion thereof has been unoccupied or the owner has not been in receipt of any rent for the occupation of the land during the whole or any part of the said period of five years, the gross rent shall be taken to be the income which the owner would have derived if the lands had been leased out for rent during the said period, and for this purpose the rent actually derived from the land during a period prior or subsequent to the period during which it remained vacant or from similar land in the vicinity shall be taken into account.