Exclusion of assets and debts outside India
Section 6 of the Wealth-tax Act, 1957 deals with exclusion of assets and debts outside India. [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 th The Act came into force on 01 Apr 1957.
[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.
Explanation 1.—An individual or a Hindu undivided family shall be deemed to be not resident in India or resident but not ordinarily resident in India during the year ending on the valuation date if in respect of that year the individual or the Hindu undivided family, as the case may be, is not resident in India or resident but not ordinarily resident in India within the meaning of the Income-tax Act. [Explanation 1A.—Where in the case of an individual the value of an asset in India is represented by any debt owing to him, being any moneys to his credit in a Non-resident (External) Account, the interest payable on which is not to be included in his total income under [sub-clause (ii) of clause (4)] of section 10 of the Income-tax Act, the provisions of this section shall, in relation to such asset, apply subject to the modification that the reference in this section to an individual not resident in India shall be construed as a reference to a person resident outside India as defined in clause (q) of section 2 of the Foreign Exchange Regulation Act, 1973 (46 of 1973).]
1. The Explanation renumbered as Explanation 1 thereof by Act 23 of 1986, s. 40 (w.r.e.f. 1-4-1977).
Explanation 2.—A company shall be deemed to be resident in India during the year ending on the valuation date, if—
(a) it is a company formed and registered under the Companies Act, 1956 (1 of 1956), or is an existing company within the meaning of that Act; or (b) during that year the control and management of its affairs is situated wholly in India.
Section 6, The Wealth-tax Act, 1957 (Act 27 of 1957).
Cross-references
Extracted from the operative text of the enactments themselves. Every destination below exists in our corpus.
This section refers to
Referred to by 1
Questions about Section 6
What does Section 6 of the Wealth-tax Act deal with?
Section 6 of the Wealth-tax Act is headed "Exclusion of assets and debts outside India". [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 th
How do I find court cases under Section 6 of the Wealth-tax Act?
In judgments and charge sheets this section is written several ways, and each form finds a different set of orders. These search the full text of every order eCourtsIndia holds, best matches first: Wealth Tax Act 6, section 6 Wealth Tax Act, section 6 of the Wealth-tax Act. Each opens the full list of orders on eCourtsIndia, where it can be narrowed by court, year and outcome.
What should I read with Section 6 of the Wealth-tax Act, and has it changed?
Its own text turns on Income-tax Act 10 (Incomes not included in total income), section 10 (Instructions to subordinate authorities), so none of them can safely be read on its own. 1 other provision in this corpus refers back to it.
When did Section 6 of the Wealth-tax Act come into force?
Section 6 of the Wealth-tax Act, cited as Wealth Tax Act 6, came into force on 01 Apr 1957, having been enacted on 12 Sep 1957. It is in force as at the date shown on this page.
Other sections of this Act
- 37A. Power of search and seizure2438 words
- 2. Definitions2369 words
- 4. Net wealth to include certain assets1796 words
- 18. Penalty for failure to furnish returns, to comply with notices and concealment of assets, etc1680 words
- 22D. Procedure on receipt of an application under section 22C1492 words
- 21. Assessment when assets are held by courts of wards, administrators-general, etc1354 words
Source and method. Compiled from the enactments of Parliament and of the State legislatures as published on India Code, and republished together with commentary and other original matter under section 52(1)(q)(ii) of the Copyright Act, 1957. Structured, cross-referenced and maintained by eCourtsIndia. Recovered from the consolidated text published by India Code on the Act's own item (3fd2ecf9-23b2-4ae9-b5fe-a23fd3c0080f). India Code lists this Act but publishes no sections for it, so there was nothing to harvest, only a document to read. This page is not a substitute for legal advice.