Exclusion of foreign assets: non residents' foreign assets and specified India debts excluded from net wealth computation. For specified non resident persons and companies, assets and debts located outside India are excluded from net wealth; likewise Indian assets represented by loans or debts owing to the assessee are excluded when interest on those loans or debts is not required to be included in the assessee's total income. Residence for individuals and Hindu undivided families follows the income tax residence definition, and a company is resident if formed under the Companies Act or if its control and management are wholly in India; specified non resident account balances qualify for similar treatment where interest is exempt.
Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
Provisions expressly mentioned in the judgment/order text.
Exclusion of foreign assets: non residents' foreign assets and specified India debts excluded from net wealth computation.
For specified non resident persons and companies, assets and debts located outside India are excluded from net wealth; likewise Indian assets represented by loans or debts owing to the assessee are excluded when interest on those loans or debts is not required to be included in the assessee's total income. Residence for individuals and Hindu undivided families follows the income tax residence definition, and a company is resident if formed under the Companies Act or if its control and management are wholly in India; specified non resident account balances qualify for similar treatment where interest is exempt.
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