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of <h1>Rule 1BB of Wealth Tax Rules: Omitted in 1989, it guided residential house valuation for wealth tax purposes.</h1> Rule 1BB of the Wealth Tax Rules, 1957, which was omitted in 1989, outlined the method for valuing residential houses for wealth tax purposes. The rule specified that the value of a house used mainly for residential purposes was calculated based on the net maintainable rent, adjusted by specific fractions depending on whether the house was on leasehold land. It included provisions for adjustments based on the unbuilt area of the property, lease conditions, and other factors affecting valuation. Exceptions were provided where the rule was impractical or certain conditions were met, allowing the Wealth-tax Officer to determine the value with approval.
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