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of <h1>Clarification on Wealth Tax: Foreign Properties Excluded from Additional Tax Under Wealth Tax Act, 1957.</h1> The circular clarifies the scope of additional wealth-tax on immovable properties in specified urban areas under the Wealth Tax Act, 1957, as amended by the Finance Act, 1970. It addresses a query regarding whether properties situated outside India are subject to this tax. The Board concludes that the amendment was not intended to include foreign properties within the tax's ambit, as the Schedule pertains only to urban areas within India. Consequently, properties outside India are not considered for additional wealth-tax. Commissioners are instructed to inform all relevant officers of this clarification.
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