NRI's CORNER
F.E.M.A.
Overseas Assets
Returning NRIs CORNER - OVERSEAS ASSETS

Overseas Assets is not taxable in the hands of returning NRIs U/s. 6 of the Wealth Tax Act, 1957 provided....

(i)

returning NRIs is foreign citizen (It is immaterial whether he is Resident but Not Ordinary Resident or Resident & Ordinary Resident of India.)

(ii)

returning NRIs is Indian citizen & Resident but Not Ordinary Resident of India

Similarly debt owed in respect of such asset, whether located in India or outside India are not deductible. 

Non-resident Indian
 

The concessions are available to a Non Resident Indian i.e. a non-resident as defined under the Income Tax Act, 1961 being distinct from an NRI (person resident outside India) as defined under FEMA, 1999

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