Section 64
Undisclosed foreign asset declared not to be included in total income. Repealed
The Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015
About this Act
An Act to make provisions to deal with the problem of the Black money that is undisclosed foreign income and assets, the procedure for dealing with such income and assets and to provide for imposition of tax on any undisclosed foreign income and asset held outside India and for matters connected therewith or incidental thereto.
The amount of
undisclosed investment in an asset located outside India declared in accordance with section 59 shall not
be included in the total income of the declarant for any assessment year under the Income-tax Act, if the
declarant makes the payment of tax referred to in section 60 and the penalty referred to in section 61 by
the date notified under sub-section (1) of section 63.