Posted on: 18-09-06 11:58:27
hello
I landed in canada in 2003 and had been filing my tax returns regularly. I was not aware of disclosing my property details in the returns.
I am now planning to sell my property in india and bring the proceeds to canada ( around cdn. $ 50,000).
what shall be tax implications on me and what documents are required by ccra.
delhite1
I suggest you take legal advice from a CGA.
Mercury
I think you have to declare it in income tax only if the foreign property is more the 200,000 $. Thats what is written on the tax form i guess.
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You know you are a desi when ........ You spew forth the virtues of India, but don't want to live there...............You've never had a tanning salon membership
You have to declare foreign assets over a total of C$100,000.
However, even if the assets are less than C$100k but have any income from that, you have to declare it.
Bringing 50k from India will not create any problem - unless they suspect you have more assets or if for any reason they want to check the source. However if you can prove that total foreign assets are less than 100k, and the proceeds are from sale of those assets, and not some laundered money, it shall not create any sort of problem.
In my case I have declared that I have foreign assets more than 100k and I have brought in large amounts 3-4 times and never had any problems.
Chandresh
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Chandresh
Advice is free – lessons I charge for!!
Chandresh ,
While bringing in large amounts from India are there any issues with the Indian Income Tax people?
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Fido.
dear chandresh
Thanks for the information. Is the capital gain on foreign property is taxable in canada ( the property belongs to me before i landed in canada)
delhite1
Chandresh , please correct me if I am worng,
If you have had capital gains in an Indian property you are liable for the tax to the Indian Government as thats income generated in India.
If you have filed your tax in India in this respect than you can claim exemption in Canada under dual tax exemption.
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Fido.
