Bangalore: Wealth tax is something NRIs must pay attention to as the recent changes in the Union Budget have brought a few modifications in it. These modifications have been highlighted by Deepa Venkatraghavan of the Economic Times.

If you are an NRI and have a net wealth of over 30 lakh from Indian assets in a given financial year, you are under the obligation to pay wealth tax. The details of wealth tax for NRIs is as follows -

What are Assets?

Assets comprise – non-agricultural urban land, commercial or residential property, jewellery, furniture, things made fully or in part with platinum, silver or gold, yachts, aircrafts, vehicles, more than 50,000 worth of cash in hand and the like. These assets need to be in India to be considered taxable for wealth. Even if any of these items are received as gifts by you, you will have to pay wealth tax for them.