Moving back to India - Transfer money

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Lg
Member since: Aug 17

Posts: 5
Location:
Post ID: #PID

Posted on: 23-08-17 12:04:17

Hi,
I am PR holder and planning to move back to India in couple of months, I have a house here and will sell it and want to transfer that money to India.
I am wondering that can i transfer that money to normal regular bank account in India?
is there any tax implication in India?
Thanks,

rajcanada
Member since: Jul 03

Posts: 2713
Location: Kitchener, ON
Post ID: #PID

Posted on: 24-08-17 09:16:37

Yes, you can transfer to any bank account in India. Tax implications depend on you are resident of which country for tax purposes when the sale happens and also if it is your primary residence in Canada.

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Lg
Member since: Aug 17

Posts: 5
Location:
Post ID: #PID

Posted on: 24-08-17 09:58:07

Thanks Raj,
I am resident of canada for tax purpose when i will sale it, it's my primary residence.

rajcanada
Member since: Jul 03

Posts: 2713
Location: Kitchener, ON
Post ID: #PID

Posted on: 24-08-17 13:01:51

For primary residence, there should not be any capital gains payable in Canada if you lived there for the whole time. You can go through this link http://www.taxtips.ca/filing/principalresidence.htm

As far as taxes in India, there should not be any capital gains tax since you were not resident of India for tax purposes when the sale happened. There would be TDS deductions if choose to keep the money in the bank in India and you will have to file returns in India to get some of it back. Please check with your accountant at the time of filing returns though.

Just keep your paperwork in order because banks could ask for the source of funds when you do the transfer.

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Lg
Member since: Aug 17

Posts: 5
Location:
Post ID: #PID

Posted on: 24-08-17 13:42:44

Thanks for your prompt answer, it helps a lot.

poorme
Member since: Jul 17

Posts: 17
Location:
Post ID: #PID

Posted on: 24-08-17 14:56:13

Isn't the money earned outside of India holding an NRI status is tax free ? I dont think so there will be any TDS deductions.
As an expatriate I never had to pay any deductions or taxes in India.

Full House
Member since: Oct 12

Posts: 2677
Location:
Post ID: #PID

Posted on: 24-08-17 21:01:01

What you are saying will hold good as long as you are an NRI. Even after that if you have lived away for 10 years or more, you can derive additional benefits as an RNOR.

BUT..Once you return back as a regular INDISKY, you are flagged for TDS like any common JANE/JOE and will have to file a tax return and get subjected to their vagaries of all kind of taxes and now the GST too. Will you get back your monies any faster? I doubt it.

FH.

Contributors: Lg(5) pendse(5) Monica.admin(2) rajcanada(2) Full House(2) Blue_Peafowl(1) lali(1) sudesingh(1) poorme(1) febpreet(1)

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