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Wealth Tax is now considerably diluted. Now, it is payable only on the following assets in India, if not involved by an NRI in any business or profession. Wealth Tax Act contains the provisions relating to taxation of wealth in different situations. The wealth tax is payable at the rate of 1% of the amount by which the net wealth exceeds Rs. 15 lacs.

Any real estate property such as building or lands appurtenant thereto (excluding certain categories specified in the Wealth-tax Act) Jewelry, furniture, Bullion, utensils, or any other object made of gold, silver etc.
Motors Cars
Cash exceeding Rs. 50,000.

If an NRI returns to India with the intention of residing permanently in India, the assets brought in to India by him/her will be exempted from the wealth tax. Also, the money and the assets obtained from the money brought by NRI within one year after his return, will be exempted from taxation. Such tax exemption is available to the NRIs for a period of seven years after their return to India. [Section. 5(1)(v)]

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