Returning NRIs CORNER - OVERSEAS ASSETS |
WEALTH TAX HAS BEEN ABOLISHED SINCE 1ST APRIL 2015.
Rules hereunder apply till Financial Year 31st March 2015. |
Overseas Assets is not taxable in the hands of returning NRIs U/s. 6 of the Wealth Tax Act, 1957 provided....
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(i)
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returning NRIs is foreign citizen (It is immaterial whether he is Resident but Not Ordinary Resident or Resident & Ordinary Resident of India.)
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(ii)
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returning NRIs is Indian citizen & Resident but Not Ordinary Resident of India
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Similarly debt owed in respect of such asset, whether located in India or outside India are not deductible.
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Non-resident Indian |
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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
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