Posted on: 06-04-08 16:06:51
Hi CD's
Any one knows, what would be your tax liabilities if parental properties transferred to you? Let's assume you are Canadian citizen, and you have some parental properties in back home i.e. India, after your parents these properties going to be in your name. So do you have to pay TAX when it's going to transfer to you? How the Canadian TAX system calculate that asset?
Thanks in advance.
Quote:
Originally posted by gangwark
Hi CD's
Any one knows, what would be your tax liabilities if parental properties transferred to you? Let's assume you are Canadian citizen, and you have some parental properties in back home i.e. India, after your parents these properties going to be in your name. So do you have to pay TAX when it's going to transfer to you? How the Canadian TAX system calculate that asset?
Thanks in advance.
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Hi,
Get the property evaluated by a reputed professional on or about the date you get the possession. Retain the documents for audit if required. That will be your purchase price..
From that day on please record all of the income and expenses incurred, interest paid if any. You maintain the books and record the taxes paid and the other dues.
Also keep record of any maintenance done and the cost of improvements.
The property that you are now in possession of is an INHERITANCE. So, no taxes to pay here. But you do in India. Please see an accountant about it. They know how to cook books.
Freddie.
