Section 79(14) in Insolvency And Bankruptcy Code, 2016
(14)"excluded assets" for the purposes of this part includes-(a)unencumbered tools, books, vehicles and other equipment as are necessary to the debtor or bankrupt for his personal use or for the purpose of his employment, business or vocation,(b)unencumbered furniture, household equipment and provisions as are necessary for satisfying the basic domestic needs of the bankrupt and his immediate family;(c)any unencumbered personal ornaments of such value, as may be prescribed, of the debtor or his immediate family which cannot be parted with, in accordance with religious usage;(d)any unencumbered life insurance policy or pension plan taken in the name of debtor or his immediate family; and(e)an unencumbered single dwelling unit owned by the debtor of such value as may be prescribed;
