WEALTH TAX for NRI's » WEALTH TAX for NRI's
NRIs CORNER- WEALTH TAX
WEALTH TAX HAS BEEN ABOLISHED SINCE 1ST APRIL 2015.
Rules hereunder apply till Financial Year 31 ST March 2015.
The most common fallacy amongst NRIs is that they are exempt from almost all taxes in India and particularly not Wealth Tax liability as regards their assets in India.
NRIs are to pay Wealth Tax on chargeable assets in India i.e. immovable properties, jewellery and vehicles. The subject is discussed at length under the following chapters :