Computation of net wealth
102. (1) The net wealth of a person shall be the amount computed in accordance with the formula -
A-B |
Where |
A |
= |
the aggregate of the value on the valuation date, of all the assets, wherever located, belonging to the person, computed in accordance with the provisions of sub-section (3); |
B |
= |
the aggregate of the value on the valuation date, of all the debts, owed by the person, which have been incurred in relation to the said assets. |
(2) The assets referred to in sub-section (1) shall not include the following:-
(a) any property held by the person under trust, or other legal obligation, for carrying out any permitted welfare activity in India;
(b) the interest of the person in the coparcenary property of any Hindu undivided family of which he is a member;
(c) any one building in the occupation of a Ruler, being a building which immediately before the commencement of the Constitution (Twenty-sixth Amendment) Act, 1971, was his official residence by virtue of a declaration by the Central Government under paragraph 13 of the Merged States (Taxation Concessions) order, 1949, or paragraph 15 of the Part-B States (Taxation Concessions) Order, 1950;
(d) jewellery in the possession of any Ruler, not being his personal property, which has been recognised as his heirloom,-
(i) by the Central Government before the commencement of this Code; or
(ii) by the Board at the time of his first assessment to wealth-tax under the Wealth-tax Act, 1957;
(e) the value of the assets located outside India if, during the financial year ending on the valuation date, the person is,-
(i) an individual who is not a citizen of India; or
(ii) an individual or a Hindu undivided family not resident in India; and
(f) any one house or part of a house or a plot of land belonging to an individual or a Hindu undivided family which is acquired or constructed before the 1st day of April, 2000.
(3) The value of any asset, other than cash, referred to in sub-section (1), shall be determined in the prescribed manner.