NRI's CORNER
F.E.M.A.
Overseas Assets
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....

(i)

returning NRIs is foreign citizen (It is immaterial whether he is Resident but Not Ordinary Resident or Resident & Ordinary Resident of India.)

(ii)

returning NRIs is Indian citizen & Resident but Not Ordinary Resident of India

Similarly debt owed in respect of such asset, whether located in India or outside India are not deductible. 

Non-resident Indian
 

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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