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of <h1>Wealth-tax exemption for Non-Resident (External) Account deposits and assets clarified u/ss 5(1)(xxxiii) & 6 of 1957 Act.</h1> The circular clarifies that under section 5(1)(xxxiii) of the Wealth-tax Act, 1957, deposits in a Non-resident (External) Account by a person of Indian origin or an Indian citizen, who has returned to India intending to reside permanently, are exempt from wealth-tax for seven assessment years. This exemption also applies to the value of assets brought into India or acquired from such deposits. Additionally, section 6 of the Wealth-tax Act, 1957, exempts these deposits for individuals residing outside India, as defined by the Foreign Exchange Regulation Act, 1973.
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