Valuation of life interest

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....es of sub-section (1) of section 7, the market value of the life interest of an assessee shall be arrived at by multiplying the average annual income that accrued to  the assessee from the life interest by (1/P+d)-1 where "P" represents the annual premium for a whole life insurance without profits on the life of the life tenant for unit sum assured as  specified in the Appendix to these ....

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....      Provided further that in case the income so derived is for a period exceeding three years, only that income derived during the three years ending on the valuation date shall be taken into account ;            (c)  the rate of interest shall be 6½ per cent per annum.       (2) Not....