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        Wealth-tax

        Rule 1BB - Valuation of house

        Wealth Tax Rules, 1957
        Chapter I

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        Valuation of residential property: prescribed rent-multiplication method determines taxable house value, including unbuilt land and leasehold adjustments. Rule 1BB prescribed a rent-based valuation formula for houses used mainly for residential purposes, capitalising net maintainable rent at prescribed fractions (with alternative fractions for leasehold cases), defined gross and net maintainable rent and allowable deductions, required upward adjustments where unbuilt plot area exceeded location-specific specified areas, allowed reductions for leasehold unearned increase claims, and permitted Wealth-tax Officer departure or alternative valuation with Inspecting Assistant Commissioner approval in defined situations.
                          Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
                          Provisions expressly mentioned in the judgment/order text.

                              Valuation of residential property: prescribed rent-multiplication method determines taxable house value, including unbuilt land and leasehold adjustments.

                              Rule 1BB prescribed a rent-based valuation formula for houses used mainly for residential purposes, capitalising net maintainable rent at prescribed fractions (with alternative fractions for leasehold cases), defined gross and net maintainable rent and allowable deductions, required upward adjustments where unbuilt plot area exceeded location-specific specified areas, allowed reductions for leasehold unearned increase claims, and permitted Wealth-tax Officer departure or alternative valuation with Inspecting Assistant Commissioner approval in defined situations.


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