Wealth-tax exemption for non-resident external account deposits continues after return, covering funds and assets brought into India. Balances in Non-resident (External) Accounts remain exempt from wealth-tax by virtue of non-resident status, and where a person of Indian origin or an Indian citizen returns to India to reside permanently, those moneys and assets brought in or acquired from them continue to be exempt from wealth-tax for the prescribed temporary exemption period following return.
Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
Provisions expressly mentioned in the judgment/order text.
Wealth-tax exemption for non-resident external account deposits continues after return, covering funds and assets brought into India.
Balances in Non-resident (External) Accounts remain exempt from wealth-tax by virtue of non-resident status, and where a person of Indian origin or an Indian citizen returns to India to reside permanently, those moneys and assets brought in or acquired from them continue to be exempt from wealth-tax for the prescribed temporary exemption period following return.
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