Exemption u/s. 5(1)(xxxiii) of W.T. Act-Deposits from non-resident Indians

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..... tax on the moneys lying to the credit in a Non-resident (External) Account belonging to a person resident outside India within the meaning of section 2(q) of the Foreign Exchange Regulation Act, 1973. Section 5(1)(xxxiii) of the Wealth-tax Act provides that in the case of an assessee, being a person of Indian origin or a citizen of India who was ordinarily residing in a foreign country and who has .....

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..... d in the Foreign Exchange Regulation Act, 1973, are exempt from wealth-tax in India under s. 6 of the Wealth-tax Act, 1957. It is further clarified that it would also be exempt from wealth-tax under section 5(1)(xxxiii) of the Wealth-tax Act, 1957, for a period of seven successive assessment years after the return of an Indian citizen or a person of Indian origin, hitherto ordinarily residing in a .....

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