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of <h1>Wealth-tax Rule 1-BB: Use Actual Rent for Valuing Residential Properties When Rent is Fixed, Says CBDT.</h1> Rule 1-BB of the Wealth-tax Rules, 1957, effective from April 1, 1979, outlines the valuation method for houses primarily used for residential purposes. The Central Board of Direct Taxes clarifies that when the rent of such a house is fixed and cannot be increased, the rent actually received or receivable should generally be used to determine the 'gross maintainable rent' for valuation purposes. This guidance is intended to ensure consistency in applying the rule when calculating the value of residential properties for wealth tax assessments.
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