What About NRIs Returning to India?

NRIs that are planning to settle permanently in the country, however, have to follow some exceptions with regard to wealth tax. Chaudhary quotes, "The exemption is available only to an Indian citizen or to a person of Indian origin who was ordinarily residing in a foreign country and has returned to India with the intention of permanent stay. In case of such individual, any asset brought by him or any property acquired out of the money brought by him within one year immediately preceding the date of his return and at any time thereafter, shall be exempt from wealth tax and such exemption shall be available for a period of 7 successive years starting from the date of his return."