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Moving back to India - Transfer money




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,


 
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Junior Desi
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Post ID: 235899 23-08-17 12:04:17
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rajcanadaMember of Administrators
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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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Post ID: 235905 24-08-17 09:16:37
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Junior Desi
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Thanks Raj,
I am resident of canada for tax purpose when i will sale it, it's my primary residence.


 
Post ID: 235906 24-08-17 09:58:07
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rajcanadaMember of Administrators
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Location: Kitchener, ON


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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Post ID: 235908 24-08-17 13:01:51
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Junior Desi
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Thanks for your prompt answer, it helps a lot.

 
Post ID: 235909 24-08-17 13:42:44
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poorme
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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.


 
Post ID: 235910 24-08-17 14:56:13
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Full House
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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.



 
Post ID: 235913 24-08-17 21:01:01
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Full House
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DUPLICATE.


 
Last edited by: Full House on 24-08-17 21:12:24
Post ID: 235914 24-08-17 21:11:52
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pendse
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1. Transfer it to your NRE account for the time being, so that there is NO Tax deducted at source - TDS on the interest you get.

2. NRO account will have almost 30 % TDS deducted on the interest you get.

3. Foreign Currency Non Resident (FCNR) accounts are also tax free in India. The advantage here is you don't have to worry about Foreign exchange rates. You can keep the money in CAD dollars, and when the exchange rate is favourable you can convert some of it into INR - Rs.

Right now CAD is Rs. 50 , just a 2-3 yrs back it was Rs. 60 , so you will lose almost 20 % in exchange rate. So maybe wait for the exchange rate to go up again before the conversion.

4. You can also transfer to a regular savings bank account also in India.

But technically and legally that account is illegal. You are not supposed to have that resident regular savings account, as the moment you become a NRI, or PR or Canadian citizen, you are supposed to convert that resident regular account into NRO/NRE account. But most people don't bother.

Anyways you are returning back to India, so that account is technically legal now :) and NRE/NRO accounts will be illegal now if you reside here & move back permanently.


 
Post ID: 235915 24-08-17 21:36:56
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pendse
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Ha ha, I guess you are NOT interested in the great Canadian citizenship & the great Canadian passport and going back with PR, which will eventually expire due to lack of residency in Canada.

Good move, much better than living in the Frozen Racist Tundra and doing a minimum wage job.


 
Post ID: 235916 24-08-17 21:40:34
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Contributors:
Blue_Peafowl(1)  febpreet(1)  Full House(2)  lali(1)  Lg(5)  Monica.admin(2)  pendse(5)  
poorme(1)  rajcanada(2)  sudesingh(1)  
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