Wealth Tax
This query is : Resolved
27 October 2009
Would like to know if moneys brought into India (by a person of Indian Origin with the intention of permenantly residing in India ) which has been deposited into mutual funds in India or retained in Bank Deposits in India will attract wealth tax liabilty after the initial holiday of seven assessment years after returning to India.
27 October 2009
Productive assets are exempted from wealth tax , hence mutual funds and Bank FD's wont attract wealth tax even after seven years exemption
29 October 2009
mutal fund is not an assests for the income tax purposes
29 October 2009
so no question will arise on taxation
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