How much money is it ? $ 50,000 ?

Book separate tickets on the same flight for each family member. And each one carries $ 10,000 with them.

4 people - $ 40,000 per head

Thanks all, yes it could be more than 50,000. We have already booked tickets as a family and earlier thought we could bring in 10,000 each but checked with CBSA and its only 10k per family. Time is the main crunch. My mother who is giving her jewellary will be travelling with us back to Canada. So basically i am inheriting it from her. Time is the crunch for us and we cannot keep travelling back and forth unless really needed and we have no family anymore in India. The jewellary was all which was left and now it has to be back here.
If i appraise the jewellary and get the report, can i carry the entire jewellary with me or will i pay tax again?
What is gift tax letter? Can it be easily prepared like in a day?

You can explore the possibility of your mother making a gift deed in India. You will have to consult a lawyer in India for that. Stamp duty and waiting time for appointment differs from state to state.

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Originally posted by samna1978

Thanks all, yes it could be more than 50,000. We have already booked tickets as a family and earlier thought we could bring in 10,000 each but checked with CBSA and its only 10k per family. Time is the main crunch. My mother who is giving her jewellary will be travelling with us back to Canada. So basically i am inheriting it from her. Time is the crunch for us and we cannot keep travelling back and forth unless really needed and we have no family anymore in India. The jewellary was all which was left and now it has to be back here.
If i appraise the jewellary and get the report, can i carry the entire jewellary with me or will i pay tax again?
What is gift tax letter? Can it be easily prepared like in a day?

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Originally posted by shobhade

Quote:

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Originally posted by samna1978

Thanks all, yes it could be more than 50,000. We have already booked tickets as a family and earlier thought we could bring in 10,000 each but checked with CBSA and its only 10k per family. Time is the main crunch. My mother who is giving her jewellary will be travelling with us back to Canada. So basically i am inheriting it from her. Time is the crunch for us and we cannot keep travelling back and forth unless really needed and we have no family anymore in India. The jewellary was all which was left and now it has to be back here.
If i appraise the jewellary and get the report, can i carry the entire jewellary with me or will i pay tax again?
What is gift tax letter? Can it be easily prepared like in a day?

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If you are planning to wear the Jewellery in Canada. Bring it with you.

But if you are planning to melt it and get cash. India is a much better place and much better rates for used jewellery.

Canada doesn't care much for Indian jewellery and will only give you very low scrap gold rate if you melt it and sell it here. Indian rate will be much higher.

Is your mom a Canadian citizen or PR. Or is she just coming here on a visitor visa.

I think somehow you will have to prove its used and personal belongings so that CBSA doesn't give you a hard time. Some old receipts or something. Some old photos of you wearing it.

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