Rule 5
Preparation Of Valuation Table Of House And Land :
5. Preparation of valuation table of house and land :
(1) The committee formed pursuant to Rule 4 for the valuation of house and land of the urban area shall prepare a valuation table by inspecting various places and on the basis of the principles as set down here under and
submit it to Government of Nepal :-
(a) to prepare data of average cost as mentioned in Schedule (2) for the whole urban area indicating how much expenditure is to be made for each square feet in building a new house within the concerned urban area taking into account, inter alia, of the cost of materials required for the time being and carpenter, labour wages, as well as other
things required to build a house.
(b) to prepare a table as mentioned in Schedule (3) by dividing the whole urban area into necessary zones
on the basis of modern facilities of domestic life such as business situation of the concerned urban area, educational institute, water, electricity, means of entertainment, sewerage and setting the average cost of expenditure prepared pursuant to Clause (a) above in the zone of the least importance out of those zones and thus ascertaining the rate of
percentage to be added for the house situated in other zones.
(c) Front sides of the house on the right and left hand sides of any road have higher value than the houses
in the street or inner junction (chowck) and the houses on the main road of a city have the highest value, so, the table as referred to in Schedule (4) has to be prepared by ascertaining the rate of percentage to be added to the average cost expenditure mentioned in clause (a) for the houses in vicinity of such important places and main roads.
(d) After the value of a new house has been fixed on the basis of the table as mentioned in Clauses (a), (b) and (c), to prepare the table chart as mentioned in Schedule (5) by ascertaining how much percentage of depreciation is to be allowed for a year of the value (data) as mentioned in Clause (a) for an old house taking into consideration, inter
alia, of local situation and other circumstances as well and for how many years such depreciation has to be allowed.
(e) In cases where there is land along with a house, to prepare average date of the value, zonal value and road importance value of such land too as per the principles mentioned in Clauses (a), (b) and (c) from the viewpoint of importance of that house.
(2) The amount set upon fixing the value of the house and land as per the mode mentioned in Clauses (a), (b), (c), (d) and (e) shall be deemed to be the value of such house and land; and the committee shall make a report setting out all of such details to Government of Nepal, Ministry of Finance through the Department of Tax.
(3) In case Government of Nepal Intends to make alteration in the value of house and land in the data and valuation submitted pursuant to Sub-rule (10) it shall do the same and publish it in information board of each Tax Office by making it visible to the general public.
(4) Unless any other order is issued by Government of Nepal, the list of valuation published under Sub-rule (3) shall be valid for up to Five years from the date of its publication.
(1) The committee formed pursuant to Rule 4 for the valuation of house and land of the urban area shall prepare a valuation table by inspecting various places and on the basis of the principles as set down here under and
submit it to Government of Nepal :-
(a) to prepare data of average cost as mentioned in Schedule (2) for the whole urban area indicating how much expenditure is to be made for each square feet in building a new house within the concerned urban area taking into account, inter alia, of the cost of materials required for the time being and carpenter, labour wages, as well as other
things required to build a house.
(b) to prepare a table as mentioned in Schedule (3) by dividing the whole urban area into necessary zones
on the basis of modern facilities of domestic life such as business situation of the concerned urban area, educational institute, water, electricity, means of entertainment, sewerage and setting the average cost of expenditure prepared pursuant to Clause (a) above in the zone of the least importance out of those zones and thus ascertaining the rate of
percentage to be added for the house situated in other zones.
(c) Front sides of the house on the right and left hand sides of any road have higher value than the houses
in the street or inner junction (chowck) and the houses on the main road of a city have the highest value, so, the table as referred to in Schedule (4) has to be prepared by ascertaining the rate of percentage to be added to the average cost expenditure mentioned in clause (a) for the houses in vicinity of such important places and main roads.
(d) After the value of a new house has been fixed on the basis of the table as mentioned in Clauses (a), (b) and (c), to prepare the table chart as mentioned in Schedule (5) by ascertaining how much percentage of depreciation is to be allowed for a year of the value (data) as mentioned in Clause (a) for an old house taking into consideration, inter
alia, of local situation and other circumstances as well and for how many years such depreciation has to be allowed.
(e) In cases where there is land along with a house, to prepare average date of the value, zonal value and road importance value of such land too as per the principles mentioned in Clauses (a), (b) and (c) from the viewpoint of importance of that house.
(2) The amount set upon fixing the value of the house and land as per the mode mentioned in Clauses (a), (b), (c), (d) and (e) shall be deemed to be the value of such house and land; and the committee shall make a report setting out all of such details to Government of Nepal, Ministry of Finance through the Department of Tax.
(3) In case Government of Nepal Intends to make alteration in the value of house and land in the data and valuation submitted pursuant to Sub-rule (10) it shall do the same and publish it in information board of each Tax Office by making it visible to the general public.
(4) Unless any other order is issued by Government of Nepal, the list of valuation published under Sub-rule (3) shall be valid for up to Five years from the date of its publication.