Computation of net wealth

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....s 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) ....