Section 13(1)(c) in The Voluntary Disclosure Of Income And Wealth Act, 1976

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Union of India - Subsection

Section 13(1)(c) in The Voluntary Disclosure Of Income And Wealth Act, 1976

(c)which have been understated in value in the return of net wealth furnished by him for the said assessment year or years, then, notwithstanding anything contained, in the Wealth-tax Act or any rules made thereunder,-

(i)wealth-tax shall not be payable by the declarant in respect of the assets referred to in clause (a) or clause (b) and such assets shall not be included in his net wealth for the said assessment year or years;

(ii)the amount by which the value of the assets referred to in clause (c) has been understated in the return of net wealth for the said assessment year or years, to the extent such amount does not exceed the voluntarily disclosed income utilised for acquiring such assets, shall not be taken into account in computing the net wealth of the declarant for the said assessment year or years.

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Union of India - Subsection

Section 13(1)(c) in The Voluntary Disclosure Of Income And Wealth Act, 1976