Value of property of debtor to be determined by Board in prescribed manner.

(1) Subject to the provisions of sub-sections (2), (3) and (4), the value of the property and other assets of a debtor for the purposes of ascertaning the paying capacity of the debtor under section 31 shall be determined by the Board in the prescribed manner. (2) The property or assets which are exempt from attachment in execution of a decree of a civil court under the Code of Civil Procedure, 1908, shall not be taken into account. (3) The amount of the debts mentioned in section 3 shall be deducted. (4) The market value of the lands, which under any law for the time being in force, are not transferable or alienable except with the previous sanction of the Collector or the Government, shall be calculated in such manner as may be prescribed