(1) The gross rental value of a house property owned by a person himself in any income year shall be computed according to the following formula, namely: —

A = (B+C+D+E)-F, where—

A = gross rental value;

B = the higher of the following amounts, namely:—

i. rent accrued from the house property, or

ii. annual value of the house property;

C = so much of the adjustment made in the income year in respect of adjustable advance received by way of house rent:

Provided that, any unadjustable advance or security deposit shall not be included therein;

D = any other sum or monetary value of any benefit, excepting salamy or premium, received in respect of use of that house property in the said income year, which is in addition to the sum mentioned in ‘B’ or ‘C’;

E = any service charge, repair and maintenance charge or any other sum, called by whatever name, paid by the tenant of the house property;

F = vacancy allowance admissible subject to production of electricity bill.

(2) The gross rental value of a property other than house property shall be computed according to the following formula, namely: —

A = (B+C+D), where—

A = gross rental value;

B = the higher of the following amounts, namely:—

i. rent accrued from the property, or

ii. annual value of the property;

C = so much of the adjustment made in the income year in respect of adjustable advance received by way of property rent:

Provided that any unadjustable advance or security deposit shall not be included therein;

D = income derived from the use of the property in any other way and any other sum or monetary value of any benefit received in respect of use of property which is in addition to the sum mentioned in ‘B’ or ‘C’.