law: The Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015
  69. Exemption from wealth-tax in respect of assets specified in declaration.-
  (1) Where the undisclosed asset located outside India is represented by cash (including bank deposits), bullion or any other assets specified in the declaration made under section 59-
  (a) in respect of which the declarant has failed to furnish a return under section 14 of the Wealth-tax Act, 1957 (27 of 1957) for the assessment year commencing on or before the 1st day of April, 2015; or
  (b) which have not been shown in the return of net wealth furnished by him for the said assessment year or years; or
  (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, 1957 (27 of 1957) 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.
  Explanation.- Where a declaration under section 59 is made by a firm, the assets referred to in clause (I) or, as the case may be, the amount referred to in clause (II) shall not be taken into account in computing the net wealth of any partner of the firm or, as the case may be, in determining the value of the interest of any partner in the firm.
  (2) The provisions of sub-section (1) shall not apply unless the conditions specified in sub-sections (1) and (2) of section 63 are fulfilled by the declarant.