Undisclosed foreign assets declared under the Act can be exempt from wealth tax if specified conditions are met. Exemption applies to undisclosed foreign assets represented by cash, bullion or other declared assets where the declarant either failed to furnish a wealth-tax return for the assessment year commencing on or before 1 April 2015, did not show the assets in the return of net wealth, or understated their value; assets in the first two categories are excluded from net wealth and not subject to wealth-tax, while understatement is ignored only to the extent it does not exceed voluntarily disclosed income used to acquire the assets; firm declarations likewise exclude partners' interests, subject to section 63 conditions.