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of <h1>Wealth Tax Law exempts charitable trust assets, Hindu family property, Ruler's items, and returning Indians' assets for seven years.</h1> Exempted assets under the Wealth Tax Law include property held under trust for charitable or religious purposes, the interest in coparcenary property of a Hindu undivided family, and specific assets of a Ruler such as one building and jewellery. Individuals of Indian origin returning from abroad are exempt for assets brought into India for seven years. This includes money in a Non-resident (External) Account. Additionally, one house or plot of land up to 500 square meters owned by an individual or Hindu undivided family is exempt from wealth tax.
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