The following rules to enact and amend the Taxation Rules to provide for determination of rateable value of building or land in the area of Municipal Corporation of the City of Pune, during the period commencing on the 1 April 1970 and ending on the 31 March 2023, shall be made and shall be deemed to have been made by the Municipal Corporation of the City of Pune under section 454 of the Maharashtra Municipal Corporations Act (LIX of 1949), on the 1 April 1970, as follows, namely:-
"1. Short title.- These rules may be called the Municipal Corporation of the City of Pune Taxation (Amendment) Rules, 1970.
2. In Schedule 'D' appended to the Maharashtra Municipal Corporations Act (LIX of 1949), in its application to the Municipal Corporation of the City of Pune, in Chapter VIII, in rule 7, for sub-rule (1), the following sub-rule shall be substituted and shall be deemed to have been substituted with effect from the 1 April 1970, namely:-
"(1) In order to fix the rateable value of any building or land assessable to a property tax there shall be deducted from the amount of the annual rent for which such building or land might reasonably be expected to let from year to year, a sum equal to fifteen per cent. of the said annual rent, and the said deduction shall be in lieu of all allowances for repairs or on any other account whatever :
Provided that, in case of any building or portion of building occupied by the owner exclusively for his residential purpose, a sum equal to forty per cent. of the annual rent shall be deducted from the amount of annual rent :
Provided further that, if the owner has occupied more than one building or portion of building exclusively for his residential purpose, in such cases, any one building or portion of building shall be eligible for such deduction.".