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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

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