There is no change
in the law relating to levy of wealth tax in India. The wealth-tax
is payable at one per cent by an NRI in India on the net wealth
if it exceeds Rs 15 lakh as on the last day of the financial
year. However, the same old exemption regarding residential
house property let out for a minimum period of 300 days or a
commercial house property or an industrial property is still
available. Only one plot of land upto 500 sq mts or a self-occupied
residential house can be claimed as fully exempt from wealth-tax.
If there are urban lands and jewellery and motor car(s) owned
by the NRI in India, then he would be liable to wealth-tax in
India if such net wealth exceeds Rs 15 lakh. |
