Specific Exemptions for NRI under Section-5 of the Wealth Tax Act.

[ Items completely Exempt from Wealth Tax for an NRI ]

Section 5 of the Wealth Tax Act contains a list of certain specific exemptions. The long list of various exemptions, with effect from the Assessment Year 1993-94, has been curtailed. Thus from a practical point of view certain important general types of complete exemptions from wealth tax under Section 5 of the Wealth Tax Act are the following:

  1. Any property held by the taxpayer under trust or any other legal obligation for any public purposes of charitable or religious nature in India.

  2. The interest of the assessee in the co-parcenary property of any HUF of which he is a member. Co-parcenary means joint heirship.

  3. Any one building in the occupation of a Ruler.

  4. One house or part of a house or a plot of land not exceeding  500 sq. meters in area belonging to the assessee from the A.Y. 1999- 2000.

  5. Jewellery in the possession of a former Ruler.

  6. In the case of an NRI who is ordinarily residing in a foreign country, who, on leaving that country, has returned to India with the intention of permanently residing therein, money or the value of assets brought by him to India and the value of assets acquired by him out of such money within one year immediately preceding the date of his return or at any time thereafter.

However, this exemption would apply only for a period of seven successive assessment years commencing on the Assessment Year next following the date on which such a person returns to India. As regards NRI Account Deposits and FCNR Deposits, as also shares, etc., held by the NRI they are not considered as “Assets” and are thus absolutely exempt from wealth tax. Thus an NRI is not liable to any wealth tax at all on shares, units, bank deposits, government securities, gold bond deposits, loans and advances, etc. held by him.

 
Items Completely Exempt from Wealth Tax for an NRI
1. Only Non-Productive Wealth Is Liable To Wealth Tax From Assessment Year 1993-94.
2. Specific Exemptions for NRI under Section 5 of the Wealth Tax Act.
3. Clubbing Of The Wealth With The Income Of The Parents
4. Assets And Tax Outside India Are Not To Be Calculated While Computing Taxable Wealth Tax
 
 
 
 
GST (India)
F.A.Q. on GST
GST Forms Download
GST Compensation Law
GST Enrollment Process
GST Law & Act.
GST Rules
GST Schedule ( I to V )
IGST Law & Act.
GST A Practical Knowledgebase
Filing GST Return
Enroll & Registration with GST
GST Office Tool to File GST Return
LIBRARY @ Tax Management
TAX & INVESTMENT GUIDE FOR "NRI"- Non-Resident Indians !
GUIDE & FAQ @ TAX
GRAPHICAL PRESENTATION @ TAX
TIPS & TRICKS @ TAX
MANAGERIAL & FINANCIAL DECISIONS @ TAX
5 GOLDEN RULES OF TAX PLANNING
FAMILY TAX PLANNING
DEDUCTIONS FROM YOUR INCOME
EXEMPTED INCOMES
HUF - FORMATION, MANAGEMENT & TAX PLANNING
COMPUTATION OF GROSS TOAL INCOME
INCOME TAX @ GLANCE
MULTIPLE KNOWLEDGEBASE ON TAX
51 TIPS ON TAX PLANNING
APPEALS UNDER INCOME TAX
ASSESSMENTS
PENALTIES UNDER IT DEPATMENTS
TAX SAVING SCHEMES
TAX READY RECKONER
TAX RATES
PROSECUTIONS UNDER INCOME TAX DEPARTMENT
TAXATION SYSTEM IN INDIA
CHARITABLE & RELIGIOUS TRUST - TAXATION
PRESCRIBED FORMS WITH with Section / Rules
TAX @ KNOWLEDGE BASE !

Most Popular Links :

Clubing of Income Deduction U/s 80C
Allowances Us-17(3) Exemption-Salary
Tax Amendment-2015 Taxable Income
Clubing of Income Tax Deductions
HUF Deduction HUF Investment
Gift by HUF HUF Tax Planning Tips
Tax Saving Schemes Tax Planning Tips
Refund of Tax Fringe Benefit Tax-FBT
Return Filing Assessment / Scrutiny
Notice from I.T. Dept. Incomes Types @ TDS
Exemptions-Tax Returns “Summon” U/s 131
'Black Money' @ I.Tax Big Gifts To Be Taxed
'Appeals' under I.Tax Assessment @ I.Tax
Exempted Incomes Capital Gain
Business & Professions House Property
Salaries @ I.Tax Partnership Firm
'Penalty' under I.Tax Act. Tax Ready Reckoner
Charitable Trust Useful Links @ I.Tax
 

Disclaimer:
All efforts are made to keep the content of this site correct and up-to-date. But, this site does not make any claim regarding the information provided on its pages as correct and up-to-date. The contents of this site cannot be treated or interpreted as a statement of law. In case, any loss or damage is caused to any person due to his/her treating or interpreting the contents of this site or any part thereof as correct, complete and up-to-date statement of law out of ignorance or otherwise, this site will not be liable in any manner whatsoever for such loss or damage.

The visitors may click here to visit the web site of Income Tax Department for resolving their doubts or for clarifications

Tally.ERP9 Book Online Order Tally.ERP9 Book Content