In wealth Tax for calculating Valuation of Life Interest, How can we calculate
"The Average annual Income" which accrued to the assessee from the life interest.
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Average Annual Income
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Value of life interest - The value of life interest of an assessee shall be determined as per Part F, Schedule III. Average net annual income of the assessee derived from the life interest during 3 years ending on the valuation date is calculated. While computing net annual income, expenses incurred on the collection of such income (maximum of 5% of the average of annual gross income) shall be deducted. This is multiplied as per formula prescribed to arrive at value of asset.
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