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Wealth tax on nri assets

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Querist : Anonymous

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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?
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CA R SEETHARAMAN

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

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CA Kumar Mukesh (Expert)
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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Rupesh Jain

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Rupesh Jain (Expert)
29 December 2014 he have to pay wealth tax on assets in india.
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