Wealth tax- Foreign exchange currency

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Dear Friends,

Can anyone please explain me the treatment of foreign exchange currency in hand as on 31st March for the purpose of calculating the wealth tax.

Replies (2)
convert it into indian currency by applying average of buying and selling rate published by RBI as on 31-3. If ind/HUF : First Rs. 50,000 not taxable balance taxable. If company : Amount not recorded in books of account taxable
agree with kaushal sir

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