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Clubbing Of The Wealth With The Income Of The Parents Under the provisions of Section 64 (IA) of the Income Tax Act.

[ Items completely Exempt from Wealth Tax for an NRI ]

Under the provisions of Section 64 (IA) of the Income Tax Act, as described elsewhere in this book, the wealth tax of a minor child (other than a disabled child) is also to clubbed under Section 4 of the Wealth Tax Act with the wealth of that parent whose wealth is higher. Where, however, the marriage of the parents of the minor child does not subsist, the clubbing of the net wealth tax of the child has to be done with the net wealth tax of the parent who maintains the minor child in the relevant previous year.
 
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

More... Topics !..

 

Tax Guide for NRI - Tax Planning, Tax Saving, Investment Guidance for Non-Resident Indians !

1. Basic Aspects Of Tax Planning For NRIs
2. How an NRI can Avoid Clubbing of his Incomes and Wealth with that of his Spouse and Children
3. The Incomes of an NRI completely Exempt from Income Tax
4. Capital Gain of an NRI could be Completely Exempt from Income Tax
5. Items completely Exempt from Wealth Tax for an NRI
6. Special Procedure of Assessment regarding Income of an NRI from Foreign Exchange Assets
7. Deductions Allowed to NRIs in the Computation of Total Income and Tax Payable
8. Procedure for the Filing of Income Tax and Wealth Tax Returns, Assessment, and Refunds
9. Gifts by NRIs to Relatives and Friends can be made fully Exempt from Gift Tax
10. FEMA and NRIs — Preliminary Aspects Analysed
11. Acquisition and Transfer of Immovable Property in India by NRIs and FEMA
12. Permissible and Prohibited Current Account Transactions in Case of NRI
13. Investment In Shares, Securities, Units And Other Activities, etc. by an NRI in India
14. Deposits in India by an NRI
15. RFC account of a Returning NRI and Investment Abroad
   
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