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        Clause 102 - Computation of net wealth

        Direct Taxes Code Bill, 2009
        Chapter VIII
        WEALTH-TAX

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        Net wealth calculation: assets minus related debts, with specified exclusions and prescribed valuation rules. Computation of net wealth follows the formula A-B where A is the aggregate value on the valuation date of all assets belonging to the person determined in the prescribed manner and B is the aggregate value on the valuation date of debts owed by the person incurred in relation to those assets. Specific exclusions from assets include property held for permitted welfare trusts, coparcenary interests, certain historic rulers' residences and heirloom jewellery, overseas assets for non-citizen or non-resident persons, and one pre-2000 house or plot for an individual or HUF.
                          Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
                            Provisions expressly mentioned in the judgment/order text.

                                Net wealth calculation: assets minus related debts, with specified exclusions and prescribed valuation rules.

                                Computation of net wealth follows the formula A-B where A is the aggregate value on the valuation date of all assets belonging to the person determined in the prescribed manner and B is the aggregate value on the valuation date of debts owed by the person incurred in relation to those assets. Specific exclusions from assets include property held for permitted welfare trusts, coparcenary interests, certain historic rulers' residences and heirloom jewellery, overseas assets for non-citizen or non-resident persons, and one pre-2000 house or plot for an individual or HUF.


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