| 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. |
