47.
| (1) " Net wealth" means the amount by which the aggregate value, computed in accordance with the provisions of this Chapter, of the wealth on the first day of any year of assessment of a person is in excess of the aggregate value of all the debts owed by him on that day other than -
| | (a) any debt incurred without consideration, or without full consideration in money or money's worth ; | | |
| | (b) any debt incurred which is not wholly for his own benefit; | | |
| | (c) any debt in respect of which there is a right to re- imbursement from any other person, unless such reimbursement cannot be obtained ; | | |
| | (d) any debt charged or secured on, or incurred in relation to, any property of his which is excluded from his wealth under this Chapter, unless the amount obtained by incurring such debt has been utilized by him in the purchase, improvement or maintenance of any property which is included in his wealth ; and | | |
| | (e) any debt incurred by him outside Sri Lanka other than any such debt which is contracted to be paid in Sri Lanka or which is charged or secured on property in Sri Lanka, and account being taken not more than once of the same debt charged upon different portions of the property. | | |
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| (2) Where the wealth of a child for any year of assessment is aggregated with, and deemed to form part of, the wealth of his parent, any deductions from wealth to which such child is entitled under subsection (1) shall be deducted from the wealth of such parent. |
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Sri Lanka Consolidated Acts