Wealth tax on nri assets

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

28 December 2014 A NRI hold gold & silver last year purchased out of foreign earnings more than Rs.30lakhs in india. He have no idea to come and settle in india in forthcoming years. BUt those jewellery he placed in Indian nationalised bank locker for his family use. What is wealth tax liablity for such NRI under wealth tax act in India?

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)
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28 December 2014 NRI is liable for wealth tax on such jewelry in India.

CA Kumar Mukesh

CA Kumar Mukesh (Expert)
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28 December 2014 if the intention is not settle in India then NRI will not able to claim exemption under section 5(v) of wealth tax and consequently liable for wealth tax for asset situated in India.

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