45. There shall be excluded for any year of assessment from the wealth of a person -
| (a) his immovable property which is outside Sri Lanka, |
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| (b) being a person not resident in Sri Lanka, or a person ceasing to be resident in Sri Lanka in that year of assessment, his movable property which is outside Sri Lanka; |
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| (c) being a member of a Hindu undivided family, his interest in the coparceners property of such family ; |
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| (d) one motor car kept for his private use of which he is the owner or the possessor within the meaning of section 44 (1) (b) so however that, where the wealth if any, of a child is required under section 46 to be aggregated with the wealth of such person such exclusion shall apply only in respect of one such motor car owned either by the parent or by any such child; |
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| (e) any household effects or other articles of personal use (not including jewellery) of which he is the owner ; |
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| (f) one house used as a residence by such person so how ever that, where the wealth, if any, or a child is required under section 46 to be aggregated with the wealth of such person, such exclusion shall apply only in respect of one such house owned either by the parent or by any such child; |
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| (g) any such interest in any property as is available to him for a period not exceeding six years commencing from the date of acquisition of such interest; |
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| (h) the moneys lying to his credit in any such special account as is referred to in paragraph (d) of section 10 and the value of any such investments made by him as are referred to in paragraph (b) of section 15; |
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| (i) the rights under any patent, copyright, trade mark, or design registered as belonging to him, unless those rights are held by him as assets of a business, profession or vocation: |
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| (j) his right or interest in any life insurance policy before the moneys payable under that policy become due and payable to him ; |
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| (k) his right to receive a pension or other life annuity; |
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| (l) any tools and instruments necessary for him to carry on or exercise his profession or vocation subject to a maximum of fifty thousand rupees in value ; |
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| (m) any instruments and other apparatus used by him for purposes of scientific research ; |
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| (n) any work of art, archaeological, scientific or art collections, books or manuscripts belonging to him and not intended for sale ; |
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| (o) any drawings, paintings, photographs, and prints belonging to him and not intended for sale ; |
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| (p) any heirlooms (other than jewellery) belonging to him and not intended for sale ; |
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| (q) any jewellery belonging to such person subject to a maximum of fifty thousand rupees in value so however, that where the wealth, if any, of a child is required under section 46 to be aggregated with the wealth of such person, the total exclusion under this paragraph shall be limited to a sum of fifty thousand rupees ; |
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| (r) the amount to his credit in any provident fund approved by the Commissioner-General; |
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| (s) any property of which he is the owner but the life interest in which subsists in any other person ; |
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| (t) any house which is certified by the Commissioner for National Housing under section 12 of this Act or under section 90A of the National Housing Act as having been completed on or after October 1, 1966 and as having a floor area not exceeding five hundred square feet, such year of assessment being the year of assessment in which the house was completed or any of the six immediately succeeding years of assessment; |
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| (u) being a charitable institution, any such property thereof as is property the income from which, or the annual value of which, is exempt from income tax ; |
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| (v) such year of assessment being an year of assessment in which he was non-resident in Sri Lanka or being any one of the three immediately succeeding years of assessment, the moneys lying to the credit of such person in foreign currency in any such account as is referred to in paragraph (e) of section 10. |
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Sri Lanka Consolidated Acts