Dear Friends.
I am PR of Canada and living in India and coming soon permanently with family.
I worked for 2 months in OCT - NOV 2006 and had canadian income and the TDS was deducted from the salary.Thereafter I came to india and iam here since then. I didnot submitted the Income Tax return.. in canada../

Firstly, While submittting my Income Tax return in india, am i to add my canadian income of 2 months. When can i submit the return in canada and does it attract any penalty.

Secondly , even after imigration , i will have home rent income and govt penson from india. Will i ssubmit returns in both countries on respetive incomes or will it be clubbed in canada.

Thirdly, While landning first time i didnot mentioned anything to airport customs about my immovbale property in india. My wife would be landning first time , can she declare the same. Or if it is not required and need to be mentioned in Incoem Tax return../

Fourthly , Can i bring the capital(taxfree) by selling my home in india to buy a home in Canada.
Thanks.

Hi,
YOu can file your tax return on your arrival.So far as you do not owe anything, you will not be penalised. But, file as soon as possible.
YOu will be filing tax return both in Canada and Indian till you have taxbale income in respective countries.
YOu can bring as much money as you want from India when your wife arrives.
(limit is one millioan cad $).

Quote:

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Originally posted by lovingdad

Hi,
YOu can file your tax return on your arrival.So far as you do not owe anything, you will not be penalised. But, file as soon as possible.
YOu will be filing tax return both in Canada and Indian till you have taxbale income in respective countries.
YOu can bring as much money as you want from India when your wife arrives.
(limit is one millioan cad $).

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Chandresh

Advice is free – lessons I charge for!!

Hello Chandresh,
I did a little bit of spade work on this million dollar transfer and came up with the old FERA and the new FEMA acts and there is a reference in that, that says that a million dollars per year can be transferred out of India, out of the income from current year. I have yet to find what are the other qualifying factors for this. But a transfer of $100,000 is permitted even without the reserve bank's permission for NRI's., that is what is reproted on some of the web pages. Please do explore the same further and if I do come across any more info, I will surely post it to this location.
When I left home, they would only permit a sum of Rs.100 in foreign exchange per adult. ( that was atrocious. $20/- or six quid.) The tears rolling from the foreign exchange teller quenched a small corner inside of my belly. They have come a long way since then. Do I ever want to send any money home? I am thinking, I am still thinking....... may be one of these days I am going to...... ( Have you ever seen the old show called "honeymooners" I used to get a laugh.
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The Foreign Exchange Management Act, 1999 determines the laws regulating foreign exchange and enlists the various deposit schemes available to Non-Resident Indians
The types of deposit schemes made available to NRIs are:

FCNR (B) - Foreign Currency (Non-Resident) Account (Banks) Scheme
NRE Account - Non - Resident (External) Rupee Account;
NRO Account - Non-Resident Ordinary Rupee Account Scheme. All NRIs can open such accounts, with the exception of individuals residing in Pakistan and Bangladesh, who require permission from the RBI. Joint accounts of two or more non-residents and nomination facility are permitted.
While the FCNR (B) is a term deposit only, the NRE and NRO accounts can be operated as a savings, current, recurring or fixed deposit account.

As for interest rates, FCNR (B) and NRE are subject to a cap, and should not exceed the LIBOR/SWAP rates. In the case of NRO accounts, rates are determined by the banks. The interest rates, currently at 3.5% apply to a period of 1 to 3 years.

The accounts at dealers (banks) authorized by the RBI accept currencies in Pound Sterling, US Dollars, Euros and Japanese yen, and except for the NRO account, can be fully repatriated. From the NRO account, only the current income up to a maximum of USD 1 million per calendar year is allowed. *****

The Indian Government's aggressive strategy to channelise funds from NRIs has resulted in a 7-8 % increase in NRI deposits and the latest move by the central bank to hike the repo rate by 25 basis points will not restrain overseas Indians from remitting money to India.

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Info for the board.

Freddie.