Wealth-Tax Act, 1957

Exclusion of assets and debts outside India.

²⁴6. In computing the net wealth of an individual ²⁵[who is not a citizen of India or of an individual] or a Hindu undivided family not resident in India or resident but not ordinarily resident in India, or of a company not resident in India during the year ending on the valuation date-

(i)	-	the value of the assets and debts located outside India ; and
(ii)	-	the value of the assets in India represented by any loans or debts owing to the assessee in any case where the interest, if any, payable on such loans or debts is not to be included in the total income of the assessee under 26[section 10] of the Income-tax Act ;

shall not be taken into account.

Explanation 1.-An individual or a Hindu undivided family shall be deemed to be not resident in India or resident but not ordinarily resident in India during the year ending on the valuation date if in respect of that year the individual or the Hindu undivided family, as the case may be, is not resident in India or resident but not ordinarily resident in India within the meaning of the Income-tax Act.

²⁷[Explanation 1A.-Where in the case of an individual the value of an asset in India is represented by any debt owing to him, bei .... To read the full section download the app from Google Play store