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of <h1>Revised Rule: Debts Located in India by Debtor's Residence or Repayment Agreement, per Circular No. 3 of 1957.</h1> Circular No. 3 of W.T. of 1957, dated September 28, 1957, addresses the location of assets, specifically the situs of debts. The original guidance stated that debts are considered to be located in India if they are contracted to be repaid in India or if the debtor resides in India. The Central Board of Direct Taxes has revised this rule to clarify that debts, whether secured or unsecured, are located in India if they meet either of these conditions. This modification aligns with the general legal principle that a debt's location is determined by the debtor's residence.
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