What are the wealth tax provisions applicable to a NRI?
Wealth tax, in India, is levied under the Wealth-tax Act, 1957. NRIs are taxed for their wealth in India alone. Wealth tax is payable on the aggregate value of chargeable assets as reduced by the value of debts owed on valuation date. The valuation date is uniformly fixed as 31st March. Taxable Assets • Any building or land annexed thereto used for residential or commercial purposes, but not including: • Houses forming part of stock-in-trade. • Houses occupied for business or profession. • Residential property let out for a minimum of 300 days in the previous year. • Commercial establishments and complexes. One house or part of a house or a plot of land not exceeding 500 square meters, belonging to an individual or an HUF is also exempt from wealth tax. • Motor cars other than those used in the business of running them on hire or held as stock-in-trade. • Jewellery, bullion, furniture, utensils or any other article made wholly or partly of precious metals other than those used as stock
