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          <h1>Understanding Net Wealth Under Direct Taxes Code 2010: Calculation, Specified Assets, and Exclusions Explained</h1> The net wealth of a person under the Direct Taxes Code, 2010, is calculated by subtracting the value of debts related to specified assets from the total value of those assets. Specified assets include properties like buildings, urban land, vehicles, jewelry, and certain foreign interests. Exclusions apply to certain properties such as a ruler's official residence or heirloom jewelry, assets outside India for non-residents, and specific residential properties. The valuation date for these calculations is March 31 of the financial year. The method for valuing assets, other than cash, is prescribed by regulations.

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