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of <h1>Exemption from Wealth-Tax for Undisclosed Foreign Assets Declared Under Section 59 of Black Money Act 2015</h1> Under the Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015, section 69 provides an exemption from wealth-tax for undisclosed assets located outside India that are declared under section 59. This applies to assets not included or understated in the wealth returns for assessment years before April 1, 2015. The exemption ensures these assets are not included in the declarant's net wealth for those years, provided conditions in section 63 are met. If a firm makes the declaration, the exemption applies to the firm's partners as well.
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