Posted on: 30-06-11 07:31:57
We are moving to Canada on august , and we land in India. We cannot able to sell this now. Kindly advise how it can be informed to tax authority in Canada
huh ?
When you file tax return, there is also a declaration that could be made if you own any properties beyond 100K (excluding your vacation home in India)..
If you sell in India, you would pay the tax on the profits, similarly you would pay the tax here too.
Quote:
Originally posted by jinoykk
We are moving to Canada on august , and we land in India. We cannot able to sell this now. Kindly advise how it can be informed to tax authority in Canada
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The cowards never started,
The weak died on the way,
Only the strong arrived.
http://www.youtube.com/watch?v=_yK1i9cLAMM
A minor addition - anything you show as under possession when arriving in Canada would be exempt from Capital Gains .... if you have property worth CAD 500K , that would be exempt to this figure at a later date when you plan to sell it off.
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Fido.
