"93. Subject to the rules, if any, made by the Government in this behalf, Determination the rateable value of any land or building assessable to of rateable value tax under sub-section (3-A) of section 90 shal I be,- ofland and building assessable to taxes
(a) in the case of building or land which is in the occupation of a tenant, the gross annual rent at which the land or building has actually been let:
Provided that in the event of increase in the rent, the rateable value shall include the corresponding increase in rent as well:
Provided further that where the building or land has been let by owner to any of his relations, and the Competent authority is of the opinion that the rent fixed does not represent the true rent, the rent fixed under the agreement of lease shall not be taken into consideration and the rateable value shall be determined in accordance with the principles contained in sub-clause (b);
(b) in the case of building or land, Which is occupied by the owner, the rateable value shall be,-
(i) five per cent of the present market value of the land;
and
(ii) five per cent of the cost of erecting the building less ten per cent depreciation:
/ • Substitution of section 97 of Punjab Act 42 of 1976.
PUNJAB GOVT. GAZ. (EXTRA), SEPTEMBER 20,2013 39 (BHDR 29, 1935 SAKA)
Provided further that the calculation of market value in the case of multi-storey buildings, group housing buildings or such like other buildings shall be made in the manner as may be prescribed.
Explanation.- For the purposes of clause (b), 'cost of erecting the building' shall be calculated at the following rates:-
(i) Five hundred rupees per square feet in respect of Pucca (cemented bricks walled and load bearing root) structure;
(ii) Three hundred rupees per square feet in respect of Semi Pucca (cemented bricks walled.or non-cemented bricks walled but non-load bearing root) structure;
(iii) One hundred rupees per square feet in respect ofKacha (non-cemented or non-brick walled and non-load bearing root) structure:
Provided that the rates of calculation, referred to above shall be subject to revision by the Government after every five years.
(c) any land on which no building has been erected but on which a building can be erected and any land on which a building is in the process of erection, the rateable value shall be fixed at five per cent of the market value of such land.".