(1) Any person having any interest in any land or hut or Compenstructure acquired under this Act shall be entitled to receive from satin".
the State Government compensation calculated according to the principles enumerated below, namely
(a) For the interest of the owner of the land— compensation equal to the sum of- 11 Value of the land determined according to the following table Table Amount of purchase price.
(I) For the fast Rs. 5,000 or less of the amount of purchase price.
(2) For the next Rs. 5,000 or less of the amount of purchase price.
(3) For the next Rs. 5,000 or less of the amount of purchase price.
(4) For the next Rs. 5,000 or lees of the amount of purchase price.
For the balance of the purchase price.
(5) Value for purpose of compensation.
100 per centum of the amount.
80 per centum of the amount.
70 per centum of the amount.
60 per cantina of the amount.
55 per centum of the amount.
and,
(ii) Ten times the net annual income derived or derivable by the owner from any huts and structures owned by him.
Explanation.—"Purchase price" means the price which the land fetched or could have fetched in any transaction involving the sale or purchase thereof on the Slat day of December, 1946.
(b) For the interest of a lessee or a sub-lessee of the land— compensation equal to the amount derivable by him for the unexpired period of the lease calculated on the basis of his net annual income from the land and from any huts and structures owned by him provided that when the unexpired period of the lease is ten years or The Calcutta Slum. Clearance and Rehabilitation ;.,o Slum-dwellers Act, 1958.
[West Ben.. Ael (Section 7.)
more or when the period of the lease is not specified, the amount of compensation shall not exceed the amount indicated in the following table :
Table Amount of the net annual in- Amount of eompeneacome. tion.
For the first Rupees One Twenty times the hundred or less of the net amount.
annual income.
For the next Rupees One Fifteen times the hundred and fifty or less of amount.
net annual income.
For the balance of the net Ten times the annual income. amount.
Explanation.—A lessee or sub-lessee will include a thika tenant as defined in the Calcutta Thika Tenancy Acts West Ben.
1949, or a tenant who does not hold under an instal- Act cif 1949.
ment in writing.
(c) For the interest of the owner of any hut or other structure-- compensation equal to the cost of construction of a similar hut or other structure as on the date of vesting, after deducting therefrom an amount on account of depreciation calculated at such percentage as may be prescribed having regard to the nature of the materials used in the construction.
Explanation.—(i) "Gross income" means the aggregate of the amounts received or receivable during a year by the owner or the lessee or the sublessee on account of the rent of the land and of any huts or structures owned by him.
(l) "Net income" means the amount arrived at by deducting from the gross income—
(a) the annual rents and taxes payable by the owner or the lessee or the sub-lessee for such land, huts and structures ;
(b) the cost of repairs and maintenance of the huts and structures, if any, calculated at ten per centum of the gross income-;
(0 the cost of management and collection calculated at six per centum of the gross income.
(iii) "Not annual income" means the average of the net income calculated over a period of five consecutive , years preceding the date of vesting. If only a portion of the land was let out for any period during the The Calcutta Slum Clearance and Rehabilitation of 7 Slum-dwellers Act, 1958.
XX et 1958.3 (Sections 8-11.)
five consecutive years as aforesaid, then the gross income for the portion so let out shall be the basis for determining the gross income of the entire land for such period.
(2) Where several persons claim to be entitled to compensation payable for any land or hut or structure under sub-section (1), the prescribed authority Anil determine the persons who, in his opinion, are entitled to receive the same and apportion the amount among them.
(3) Determination of persons entitled to receive the compensation and the amount payable to each of them by the prescribed authority shall, subject to appeal as hereinafter provided, be final and conclusive.
8. The compensation mentioned in section 7 shall be paid and Determi.
satisfied by issue of bonds by the State Government which shall nation bear interest at the rate of 5 per centum per annum -with effect t jamPend from the date of vesting referred to in sub-section (2) of section manner of
6. The said bonds shall be redeemed and paid in full at the face payment value thereof immediately on the expiry of twenty years from the thereof.
date of their issue but the State Government shall be at liberty to redeem and pay such bonds or any part thereof before the expiry of the said twenty years :
Provided, however, that the State Government shall, where the compensation does not exceed Rs. 5,000, pay such compensation in cash and where the amount of the compensation exceeds Rs. 5,000, pay an amount not exceeding Rs. 5,000 in cash and the balance in bonds.