Exempted Assets - Wealth Tax Law & Procedure - Wealth-tax

Exempted Assets<?xml:namespace prefix = o ns = "urn:schemas-microsoft-com:office:office" /> Section 5 (i) any property held by him under trust or other legal obligation for any public purpose of a charitable or religious nature in <?xml:namespace prefix = st1 ns = "urn:schemas-microsoft-com:office:smarttags" /> India . (However property forming part of business other than referred to in section 11(4A)(a)/(b) is not exempted) (ii) the interest of the assessee in the coparcenary property of any Hindu undivided family of which he is a member ; (iii) any one building in the occupation of a Ruler (iv) jewellery in the possession of any Ruler (v) in the case of an assessee, being a person of Indian origin [or a citizen of India (hereafter in this clause referred to as such person) who was ordinarily residing in a foreign country and who, on leaving such country, has returned to India with the intention of permanently residing therein, moneys and the value of assets brought by him into India and the value of the assets acquired by him out of such moneys within one year immediately preceding the date of his return and at any time thereafter: Provided that this exemption shall apply only for a period of seven successive assessment years commencing with the assessment year next following the date on which such person returned to India . Explanation [1].A person shall be deemed to be of Indian origin if he, or either of his parents or any of his grand-parents, was born in undivided India . Explanation 2.For the removal of doubts, it is hereby declared that moneys standing to the credit of such person in a Non-resident (External) Account in any bank in India in accordance with the Foreign Exchange Regulation Act, 1973 (46 of 1973), and any rules made thereunder, on the date of his return to India, shall be deemed to be moneys brought by him into India on that date; (vi) one house or part of a house or a plot of land belonging to an individual or a Hindu undivided family : Provided that wealth-tax shall not be payable by an assessee in respect of an asset being a plot of land comprising an area of five hundred square metres or less.