Definition of assets in wealth-tax law clarifies included items, exclusions, valuation date and net wealth computation. The provision defines assets and net wealth for wealth-tax, listing included asset categories (houses, motor cars, jewellery, yachts, urban land, cash above a threshold) and enumerating statutory exclusions and provisos (agricultural land, certain buildings, business stock in trade, let-out residential property, and items used commercially). It links valuation to the valuation date and specifies deduction of debts incurred in relation to assets, while identifying assessing and valuation officers, registered valuers, and cross-references to Income-tax Act definitions and rule making authority.