Direct Tax Law 2010 (Solved)

Debt Owed
Debt owed represents an obligation to pay an amount either in present or in future. In the computation of net wealth, from the total of all assets value of debts owed by an assessee is deductible provided following conditions are satisfied:
i) Debt is owed by assessee on valuation date
ii) Debt should have been incurred in relation to acquisition or creation of nay asset, which is taxable for Wealth Tax in the hands of assessee.