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Start Free TrialWealth-tax Act, 1957 Schedule III
Title: Rules for Determining the Value of Assets
State: Central
Year: 1957
..... PART B: Immovable property 3. Valuation of immovable property. - Subject to the provisions of rules 4, 5, 6, 7 and 8 for the purposes of sub-section (1) of section 7, the value of any immovable property, being a building or land appurtenant thereto, or part thereof, shall be the amount arrived at by multiplying the net maintainable rent by the figure 12.5: Provided that in relation to any such property which is constructed on lease hold land, this rule shall have effect as if for the figure 12.5 (a) where the unexpired period of the lease of such land is fifty years or more, the figure 10.0 had been substituted; and (b) where the unexpired period of the lease of such land is less than fifty years, the figure 8.0 had been substituted: Provided further that where such property is acquired or construction of which is completed after the 31st day of March, 1974, if the value so arrived at is lower than the cost of acquisition or the cost of construction, as increased, in either case, by the cost of any improvement to the property, the cost of acquisition or, as the case may be, the cost of construction, as so increased, shall be taken to be the value of the property.....
View Complete Act List Judgments citing this sectionIncome Tax Act, 1961 Section 23
Title: Annual Value How Determined
State: Central
Year: 1961
.....- (a) is in the occupation of the owner for the purposes of his own residence; or (b) cannot actually be occupied by the owner by reason of the fact that owing to his employment, business or profession carried on at any other place, he has to reside at that other place in a building not belonging to him, the annual value of such house or part of the house shall be taken to be nil. (3) The provisions of sub-section (2) shall not apply if - (a) the house or part of the house is actually let during the whole or any part of the previous year; or (b) any other benefit therefrom is derived by the owner. (4) Where the property referred to in sub-section (2) consists of more than one house - (a) the provisions of that sub-section shall apply only in respect of one of such houses, which the assessee may, at his option, specify in this behalf; (b) the annual value of the house or houses, other than the house in respect of which the assessee has exercised an option under clause (a), shall be determined under sub-section (1) as if such house or houses had been let.] ________________ 1. Substituted by the Finance Act, 2001, with effect from 1st April, 2002. Prior to.....
View Complete Act List Judgments citing this sectionIncome Tax Act, 1961 Section 115WC
Title: Value of Fringe Benefits.
State: Central
Year: 1961
.....paid by, or recovered from, his employee or employees : Provided that in a case where the expenses of the nature referred to in clause (b) of sub-section (1) of section 115WB are included in any other clause of sub-section (2) of the said section, the total expenses included under such other clause shall be reduced by the amount of expenditure referred to in the said clause (b) for computing the value of fringe benefits; 1[(b) the amount of contribution, referred to in clause (c) of sub-section (1) of section 115WB, which exceeds one lakh rupees in respect of each employee;] 2[(ba) the fair market value of the specified security or sweat equity shares referred to in clause (d) of sub-section (1) of section 115WB, on the date on which the option vests with the employee as reduced by the amount actually paid by, or recovered from, the employee in respect of such security or shares. Explanation: For the purposes of this clause, - (i) fair market value means the value determined in accordance with the method as may be prescribed3 by the Board; (ii) option means a right but not an obligation granted to an employee to apply for the specified security or sweat equity shares.....
View Complete Act List Judgments citing this sectionRailways Act, 1989 Section 20G
Title: Criterion for Determination of Market-value of Land
State: Central
Year: 1989
.....the sale deeds registered during the preceding three years, where higher price has been paid, whichever is higher. (2) Where the provisions of sub-section (1) are not applicable for the reason that:-- (i) the land is situated in such area where the transactions in land are restricted by or under any other law for the time being in force in that area; or (ii) the registered sale deeds for similar land as mentioned in clause (i) of sub-section (1) are not available for the preceding three years; or (iii) the minimum land value has not been specified under the Indian Stamp Act, 1899(2 of 1899) by the appropriate authority, the concerned State Government shall specify the floor price per unit area of the said land based on the average higher prices paid for similar type of land situated in the adjoining areas or vicinity, ascertained from not less than fifty per cent, of the sale deeds registered during the preceding three years where higher price has been paid, and the competent authority may calculate the value of the land accordingly. (3) The competent authority shall, before assessing and determining the market-value of the land being acquired under this Act,-- (a).....
View Complete Act List Judgments citing this sectionIncome Tax Act, 1961 Section 50C
Title: Special Provision for Full Value of Consideration in Certain Cases
State: Central
Year: 1961
.....(2), (3), (4), (5) and (6) of section 16A, clause (f) of sub-section (1) and sub-sections (6) and (7) of section 23A, sub-section (5) of section 24, section 34AA, section 35 and section 37 of the Wealth-tax Act, 1957 (27 of 1957), shall, with necessary modifications, apply in relation to such reference as they apply in relation to a reference made by the Assessing Officer under sub-section (1) of section 16A of that Act. Explanation 3[1]: For the purposes of this section, "Valuation Officer" shall have the same meaning as in clause (r) of section 2 of the Wealth-tax Act, 1957 (27 of 1957). 4[Explanation 2.--For the purposes of this section, the expression "assessable" means the price which the stamp valuation authority would have, notwithstanding anything to the contrary contained in any other law for the time being in force, adopted or assessed, if it were referred to such authority for the purposes of the payment of stamp duty.] (3) Subject to the provisions contained in sub-section (2), where the value ascertained under sub-section (2) exceeds the value adopted 2[or assessed or assessable] by the stamp valuation authority referred to in sub-section (1), the.....
View Complete Act List Judgments citing this sectionMarine Insurance Act, 1963 Section 18
Title: Measure of Insurable Value
State: Central
Year: 1963
Subject to any express provision or valuation in the policy, the insurable value of the subject-matter insured must be ascertained as follows :-- (1) In insurance on ship, the insurable value is the value, at the commencement of the risk, of the ship, including her outfit provisions, and stores for the officers and crew, money advanced for seamen's wages, and other disbursements if any incurred to make the ship fit for the voyage or adventure contemplated by the policy, plus the charges of insurance upon the whole; The insurable value, in the case of a steamship, includes also the machinery, boilers, and coals and engine stores if owned by the assured; in the case of a ship driven by power other than steam includes also the machinery and fuels and engine stores, if owned by the assured; and in the case of a ship engaged in a special trade, includes also the ordinary fittings requisite for that trade; (2) In insurance on freight, whether paid in advance or otherwise, the insurable value is the gross amount of the freight at the risk of the assured, plus the charges of insurance; (3) In insurance on goods or merchandise, the insurable value is the prime cost of the property
View Complete Act List Judgments citing this sectionMarine Insurance Act, 1963 Section 29
Title: Valued Policy
State: Central
Year: 1963
(1) A policy may be either valued or unvalued. (2) A valued policy is a policy which specifies the agreed value of the subject-matter insured. (3) Subject to the provisions of this Act, and in the absence of fraud, the value fixed by the policy is, as between the insurer and assured, conclusive of the insurable value of the subject intended to be insured, whether the loss be total or partial. (4) Unless the policy otherwise provides, the value fixed by the policy is not conclusive for the purpose of determining whether there has been a constructive total loss.
View Complete Act List Judgments citing this sectionNew Delhi Municipal Council Act 1994 Section 63
Title: Determination of Rateable Value of Lands and Buildings Assessable to Property Tax
State: Central
Year: 1994
.....and insurance, and other expenses, if any, necessary to maintain the land or building in a state to command that rent. Provided that in respect of any land or building the standard rent of which has been fixed under the Delhi Rent Control Act, 1958 (59 of 1958) the rateable value thereof shall not exceed the annual amount of the standard rent so fixed. (2) The rateable value of any land which is not built upon but is capable of being built upon and of any land on which a building is in process of erection shall be fixed at five per cent of estimated capital value of such land. (3) All plant and machinery contained or situate in or upon any land or building and belonging to any of the classes specified from time to time by public notice by the Chairperson with the approval of the Council, shall be deemed to form part of such land or building for the purpose of determining the rateable value thereof under sub-section (1) but save as aforesaid no account shall be taken of the value of any plant or machinery contained or situated in or upon any such land or building.
View Complete Act List Judgments citing this sectionRight to Fair Compensation and Transparency in Land Acquisition, Rehabilitation and Resettlement Act, 2013, (Central) Section 26
Title: Determination of Market Value of Land by Collector
State: Central
Year: 2013
.....may be discounted for the purposes of calculating market value. (2) The market value calculated as per sub-section (1) shall be multiplied by a factor to be specified in the First Schedule. (3) Where the market value under sub-section (1) or sub-section (2) cannot be determined for the reason that-- (a) the land is situated in such area where the transactions in land are restricted by or under any other law for the time being in force in that area; or (b) the registered sale deeds or agreements to sell as mentioned in clause (a) of sub-section (1) for similar land are not available for the immediately preceding three years; or (c) the market value has not been specified under the Indian Stamp Act, 1899 (2 of 1899) by the appropriate authority, the State Government concerned shall specify the floor price or minimum price per unit area of the said land based on the price calculated in the manner specified in sub-section (1) in respect of similar types of land situated in the immediate adjoining areas: Provided that in a case where the Requiring Body offers its shares to the owners of the lands (whose lands have been acquired) as a part compensation, for acquisition.....
View Complete Act List Judgments citing this sectionWealth-tax Act, 1957 Section 7
Title: Value of Assets How to Be Determined
State: Central
Year: 1957
.....in Schedule HI as on the valuation date next following the date on which he became the owner of the house or the valuation date relevant to the assessment year commencing on the 1st day of April, 1971, whichever valuation date is later. 2 [*****] Explanation. - For the purposes of this sub-section, - (i) where the house has been constructed by the assessee, he shall be deemed to have become the owner thereof on the date on which the construction of such house was completed: (ii) "house" includes a part of a house being an independent residential unit.] ________________________ 1. Substituted by Act 3 of 1989, Section 62 w.e..f. 1-4-1989. 2. Proviso omitted by Act 18 of 1992, Section 93 w.e.f. 1-4-1993.
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