Rules hereunder apply till Financial Year 31st March 2015

  1

In case of NRIs, Wealth Tax is leviable at par with resident.

   2

The Tax rate are 1% of net wealth subject to basic exemption of Rs.30,00,000/- (Rupees Thirty Lakhs).

Taxable Assets for residents as also NRIs are :

1.

Buildings or land appurtenant thereto and includes a farm house if it is situated within 25 kilometers from the local limits of any municipality (whether known as municipality, municipal corporation or by any other name) or a cantonment board, but does not include one house or part of a house or a plot of land having area of 500 square meters or less.

2.

Value of personal Vehicle i.e. motor cars, yachts, boats and air crafts.

3.

Jewellery, bullion, furniture, utensils, etc., made of precious metal i.e. ornaments made of gold, silver, platinum, or any other precious metal and bullion  including utensils and furniture made of gold, silver precious metal or any alloy containing one or more of such precious precious metal.

4.

Cash in hand in excess of Rs.50,000/-.

5.

Urban land.

1.)

that is land situated

i)

Within the Jurisdiction of Municipality having population of 10,000 and more or

ii)

(I) in any area within 2 kilometers from the local limits of municipality having population of more than 10,000 and less than 1,00,000 or
(II) in any area within 6 kilometers from the local limits of municipality having population of more than 1,00,000 and less than 10,00,000 or
(III) in any area within 8 kilometers from the local limits of municipality having population of more than 10,00,000.

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