Exclusion of assets and debts outside India. - Wealth Tax Law & Procedure - Wealth-tax

Exclusion of assets and debts outside <?xml:namespace prefix = st1 ns = "urn:schemas-microsoft-com:office:smarttags" /> India .<?xml:namespace prefix = o ns = "urn:schemas-microsoft-com:office:office" /> Section 6 In computing the net wealth of an individual [who is not a citizen of India or of an individual] or a Hindu undivided family not resident in India or resident but not ordinarily resident in India , or of a company not resident in India during the year ending on the valuation date (i) the value of the assets and debts located outside India ; and (ii) the value of the assets in India represented by any loans or debts owing to the assessee in any case where the interest, if any, payable on such loans or debts is not to be included in the total income of the assessee under section 10 of the Income-tax Act ; shall not be taken into account.