9. Property.—(1) The tax shall be payable by an assessee
[under the head "Income from property"] in respect of the bona fide annual value of property consisting of any buildings or lands appurtenant thereto of which he is the owner, other than such portions of such property as he may occupy for the purposes of
[any business, profession or vocation carried on by him the profits of which are assessable to tax], subject to the following allowances, namely:—(
i) where the property is in the occupation of the owner, or where it is let to a tenant and the owner has undertaken to bear the cost of repairs, a sum equal to one-sixth of such value;(
ii) where the property is in the occupation of a tenant who has undertaken to bear the cost of repairs, the difference between such value and the rent paid by the tenant up to but not exceeding one-sixth of such value:
[Provided that for the purposes of making any assessment for the year ending on the 31st day of March, 1952, in respect of the property situated in an area affected by the Assam earthquake of 1950, the allowance on account of repairs referred to in clauses (
i) and (
ii) shall be increased up to a maximum of one-half of the annual value thereof or the amount of expenditure proved to have been actually incurred for repairs, whichever is the less;](
iii) the amount of any annual premium paid to insure the property against risk of damage or destruction;
[(
iv) where the property is subject to a mortgage or other capital charge, the amount of any interest on such mortgage or charge; where the property is subject to an annual charge not being a capital charge, the amount of such charge; where the property is subject to a ground rent, the amount of such ground rent; and where the property has been acquired, constructed, repaired, renewed or reconstructed with borrowed capital, the amount of an
.... To read the full section download the app from Google Play store
CAclubindia
