"exempted property" means such property of an individual debtor as is exempted in pursuance of the provisions of section 32.

[See, section 2 (1), the Bankruptcy Act, 1997 (Act No. X of 1997)].

Notwithstanding anything contained in any other provisions of this Act the following property of an individual debtor shall not be liable to be taken over, or vested under section 23 or 31 respectively, and such property shall be known as exempted property, namely:—

(a) the tools, if any, used by the debtor himself;

(b) wearing apparel and household furnishing and other like accessories of himself, spouse and children;

(c) debtor's un-mortgaged dwelling place or homestead, the area of which is not exceeding 2500 square feet of land or plinth in one or more than one storied building in the urban area or 5000 square feet of land or plinth in one or more than one storied building in any other area:

Provided that the total value of the articles specified in clauses (a) and (b) shall not exceed taka 3,00,000 (three lac).