Assets represented by NRE account balances: wealth tax applies with residency reference treated as person resident outside India.

Amendment inserts Explanation 1A providing that where an individual's asset in India is represented by debt constituted by moneys in a Non resident (External) Account and the interest on that account is excluded from total income under clause (4A) of section 10 of the Income tax Act, the wealth tax provision applies subject to the modification that the reference to an "individual not resident in India" is to be construed as a reference to a "person resident outside India" as defined in the foreign exchange law.

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