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of <h1>Exclusion of Foreign Assets for Non-Residents in Wealth Tax Calculations Under Section 6 of the Wealth Tax Act, 1957.</h1> Section 6 of the Wealth Tax Act, 1957, addresses the exclusion of assets and debts located outside India when computing the net wealth of non-citizens, non-resident individuals, Hindu undivided families, and non-resident companies. The value of such foreign assets and debts, as well as certain loans or debts in India where interest is not taxable, is excluded from wealth calculation. An individual or Hindu undivided family is considered non-resident based on the Income-tax Act definitions. Companies are deemed resident if formed under Indian law or managed entirely in India. The section also references specific provisions for non-resident external accounts.
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