What is the liability for Wealth Tax for properties held by NRIs (a) in India, (b) outside India?
A. Wealth tax is charged in respect of net wealth of an individual @ 1% of amount by which the net wealth exceeds Rs. 15,00,000/-. Liability for wealth is as follows: (a) Assets located in India; NRIs are subject to wealth tax on all their assets located in India. (b) Assets located outside India; An NRI, who is an Indian National, is not liable for wealth tax for assets located abroad. A Foreign National, who becomes a resident subsequently, is not liable for wealth tax for assets located abroad.
