Valuation of house

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....inable rent in respect of the part of the house used for residential purposes by the fraction 100/8; and            (b) the amount arrived at by multiplying the net maintainable rent in respect of the remaining part of the house, if any, by the fraction 100/9 :      Provided that in relation to a house which is built on leasehold land, this sub-rule shall have effect as if for the   fraction 100/8 in clause (a) or, as the case may be, the fraction 100/9 in clause (b), the fractions 100/9 and 100/10, respectively, had been substituted.      Explanation. - For the purpose of this sub-rule, a house shall be deemed to be mainly used for ....

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....operty is let throughout the previous year, the actual rent received or receivable by the owner in  respect of such year; and            (b) in nay other case, the amount which bears the same proportion to the amount of the actual rent received or receivable by the owner for the period for which the property is let, as the period of  twelve months bears to such period ;            (b) "house" includes an independent residential unit ;            (c) "net maintainable rent", in relation to a house, means the amount of the gross maintainable rent as reduced by -  &nbsp....

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....p;    (d) "previous year" means the period which would be the previous year if an assessment of the income from the house were  to be made under the Income-tax Act, 1961 (43 of 1961) for the assessment year.       (3)  Where the unbuilt area of the plot of land on which the house is built exceeds the specified area, the value of the house arrived at in accordance with the provisions of sub-rule (1) shall be increased by an amount calculated as hereunder, namely :- (i)  where the difference between the unbuilt area and the specified area exceeds 5 per cent but  does not exceed 10 per cent of the aggregate area  by an amount equal to 20 per cent of such value; (....

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...., sixty-five per cent of the aggregate area; and                 (c) where the house is situate at any other place, seventy per cent of the aggregate area :      Provided that where under any law for the time being in force, the minimum area of the plot of land required to be kept as open space for the enjoyment of the house exceeds the specified area; such minimum area shall be deemed to be the specified area;            (iii) "unbuilt area", in relation to the aggregate area of the plot of land on which the house is built, means that part of such aggregate area on which no building has b....