(1) If and land or building- (a) ceases to enjoy the character on account of which it was entitled to exemption under section 6 or 21, or (b) is acquired, by transfer or otherwise, or any building is built, rebuilt or enlarged. during any year, after the commencement of the Rajasthan Urban Land Tax (Amendment) Act, 1973, the owner, if not already liable to pay tax, shall, subject to the other provisions of this Act, be liable to pay tax from the year following the year during which the land or building ceases to enjoy the character on account of which it was entitled to exemption or is acquired or during which any building, re-building or enlargement is completed or such building or enlarged portion is occupied, whichever is earlier. 26Explanation. - The expression acquired by transfer or otherwise used in clause (b) of this sub-clause shall not include acquisition by inheritance. (2) Such owner shall, within ninety days of the commencement of the year in respect of which he first becomes liable to pay tax under sub-section (1), furnish, to the Assessing Authority a return in the prescribed form containing the prescribed particulars, in respect of lands and buildings in any urban area and shall pay tax according to the provisions of sub-section (2) of section 7 as if that section applied to him as it applies to an owner liable to pay tax on the date of the commencement of the Rajasthan Urban Land Tax (Amendment) Act, 1973. (3) Notwithstanding anything contained in section 4, the tax in respect of such lands and buildings shall be determined on the market value thereof as on the date of commencement of the year in respect of which he first becomes liable to pay tax. (4) The provisions of sections 8 to 12 (both inclusive) shall mutatis mutandis apply to returns filed under this section and to assessment of market value and determination of tax payable for such lands and buildings. (5) The tax determined under this section shall remain in force until a revision of tax is made under section 14.