Amendment status not verified — confirm the current text below against the official source.
In this Act, unless the context otherwise requires,- Definition. (1) " Debt" means any liability in cash or kind, whether secured or unsecured, due from an indebted person whether payable under a decree or order of a civil or revenue court or otherwise, but does not include- (i) rent as defined in clause (6); (ii) any debt to which the Tamil Nadu Indebted Agriculturists (Temporary Relief) Act, 1975 (Tamil Nadu Act 10 of 1975), is applicable; (2) "indebted person" means any person from whom any debt is due : ------ - * For Statement cf Objects cnd Reasons, see Tamil Nadu Government Gazette Extraorr:inary, dated the 20th October 1975, part IV-Section I , Pages 201-202. SM - Indebted persons 1 [1M5 : T.N. Act d) (Temporary Relief) Provided that a person shall not be deemed to be an indebted person, if he- (i) has in both the financial years ending on the 31st March 1974 and the 31st March 1975, been assessed to income-tax under the Income-tax Act, 1961 (Central Act 43 of 1961) or under the income-tax law in force in any foreign country; or (ii) has in both the' fhancial-Years ending on the 31st March 1974 and the 31st March 1975 been assessed to sales tax under the Tamil Nadu General Sales Tax Act, 1959 (Tamil Nadu Act 1 of 1959) or under the Central Sales Tax Act, 1956 (Central Act 74 of 1956); or (iii) has in all the foui half-years immediately preceding the 1st Arril 1975 been assessed to property or house lax in respict of bv.ildings or lands other than agricularal lands, under the Tamil Nadu District Munici- palitie, Act, 1920 (Tamil Nadu Act V of 1920), the Madras City Municipal Corporation Act, 1919 (Tamil Nadu Act V of 1919), the Madurai City M~nicipal Corporation Act, 1971 (Tamil Nadu Act 15 of 1971), thc Tamil Nadu Panchayats Act, 1958 (Tamil Nadu Act XXXV of 1958), the Contonments Act, 1924 (Central Act I1 of 1924) or any law governing muncipal or local bodies in this State or in any other State or Union territory in India, provided that the aggregate annual rental value of such buildings and lands whether let out or in the occupation of the owner, is not less than two thousand and four hundred rupees. a Explanation.-The annual r tal value of any build- ing or land for the purposes of proviso (iii) shall- (1) where the assessment is based on'the annual rental value, be deemed to be such value; (2) where the assessment is based on the capital - value, be deemed to be five per cent of the capital . value and (3) in any other case, be deemed to be the value; ascertained in the prescribed manner : Provided further that a person shall not be deemed 1 to be an indebted person if he is an agriculturist as defined in the Tamil Nadu Agricillturist Relief Act, 1938 (Tamil Nadu Act IV of 1938) and entitled to the benefits cf that Act ; (3) "interest" means any amount or other thing paid or payable in excess of the ~rincipal sum borrowed or pecuniary obligation incurred or where anything has been borrowed in kind in excess of what has been so borrowed by whatsoever name such amount or thing may be called, alid whether the same is tlaid or payable entirely in cash or entirely in kind or partly in cash and p ~ t l y in kind and whether the same is expressly mentioned or not in the document or contract, if any; (4) "pay" with its grammatical variations, includes deliver ; (5) "pcrson" means an individual and incluc'es an undivided Hindu family, a marumakkattbyam or aliya- santana tarward or tavazhi, bvt does ncit iilclude a body corporate, a charitable cr religious institutioll or an unincorporated company or associaticn or any firm zs defined in the Indian Partnership Act, 1932 (Central Act IX of 1932); (6) "rent" means the rent payayble by any tenant to the owner of any building in respect cf sucn building or portion thereof occupied by such tenant. Explanation.-For the purpos; of this claixse, the expression 'building' shall have the same meaning as in clause (2) of section 2 of the Tamil ~ a d u Buildings (Lease and Rent Control) Act, 1960 (Tamil ~ a d u Act 18 of 1960); (7) "suit" or "application" does not include an appeal from a decree or crder passed in a suit or appli- cation or an application fcr revisicn or review.