| The scope of wealth tax has now been considerably diluted. It is payable only on following assets in India if not used by the NRI in his business/profession;
- Any building or lands appurtenant thereto (excluding certain categories specified in the Wealth-tax Act)
- Jewellery, Bullion, furniture, utensils or any other article made of gold, silver etc.
- Motors Cars
- Cash exceeding Rs. 50,000.
|
| If NRI returns to India with
the intention
of permanently residing in India, the assets brought in to India by him will be exempt. Also, the money and the assets acquired from the money, brought by NRI within one year after his return, will be exempt. This exemption is available to NRI for a period of seven years after his return to India. [Section. 5(1) (v)]
Wealth tax is payable at the
rate of 1 % of the amount by which the net
wealth exceeds Rs. 15 lacs. |
