Exclusion of foreign assets narrows net-wealth computation for non-residents and for loans whose interest is income-exempt. Section 6 excludes from net wealth the value of assets and debts located outside India for specified non-resident persons and companies, and excludes assets in India representing loans or debts owing to the assessee where interest on those loans is not includible in the assessee's total income under the income-tax law.
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Provisions expressly mentioned in the judgment/order text.
Exclusion of foreign assets narrows net-wealth computation for non-residents and for loans whose interest is income-exempt.
Section 6 excludes from net wealth the value of assets and debts located outside India for specified non-resident persons and companies, and excludes assets in India representing loans or debts owing to the assessee where interest on those loans is not includible in the assessee's total income under the income-tax law.
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