Are There any Exemptions?

Yes there is. As discussed above, any property provided for at least 300 days in a year is Wealth Tax exempted. “The property which is let out for the full year will not be considered as an asset. The vacant property can be claimed as exempt under the provisions of the Wealth tax Act”, says Chaudhury

What about NRIs returning to India?

NRIs who intend to return to India to stay permanently, have some Wealth Tax concessions. “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”, explains Chaudhary.