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Assets And Tax Outside India Are Not To Be Calculated While Computing Taxable Wealth Tax Provided Under Section-6

[ Items completely Exempt from Wealth Tax for an NRI ]

It is provided in Section-6 that in computing the net wealth tax of an individual who is not a citizen of India or a Hindu Undivided Family not resident in India or resident but not ordinarily resident in India, during the year ending on the valuation date, the following items are not to be taken into account:

 

The value of the assets and debts located outside India and the value of the assets in India represented by any loans or debts owing to the assessee, in any case where the interest, if any, payable on such loans or debts is not to be included in the total income of the assessee under Section 10 of the Income Tax .

 

Generally speaking, a non-resident would be liable to wealth tax on non-productive Indian assets only. Here also those assets which are located in India but which are represented by loans or assets in respect of which interest is totally exempt, are not to be considered taxable assets for the purposes of wealth tax.
 
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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