Once i get my Canadian Citizenship.... than i want to apply for OCI card as India does not give dual citizenship.
Can i go back to India once i get my OCI card to sell my property (previously held property) ? Can i sell my property even though i am not a Indian Citizen? Any issues i will have ?
Or is it better to sell Indian property before getting Canadian Citizenship?
Any suggestions!
Quote:
Originally posted by alexsteward
Once i get my Canadian Citizenship.... than i want to apply for OCI card as India does not give dual citizenship.
Can i go back to India once i get my OCI card to sell my property (previously held property) ? Can i sell my property even though i am not a Indian Citizen? Any issues i will have ?
Or is it better to sell Indian property before getting Canadian Citizenship?
Any suggestions!
Yes you can sell your property after OCI and Canadian citizenship.
Some taxation issues and repatriation of money to Canada might be different depending upon whether you are a Canadian citizen ( with OCI) or Indian citizen.
Consult a CA about that. But selling property itself won't be an issue.
Also you need a NRO or NRE acc in India after you get Canadian citizenship. The regular Indian ordinary resident account with Indian bank won't work and is illegal to have that. You will be forced to convert that into a NRO account.
The money from the sale of the flat will go into the NRO account and not your current resident account you have with your Indian bank.
Location: God's own country
Posted on: 12-01-19 04:50:53
Yes. There will be no problem in selling.
There is a recent memo from the Govt. detailing how an OCI or a Foreign citizen can sell property. Aadhaar, which is essential for Indian citizens to register property is excluded for foreign citizens.
Kindly Google for the memo.
Murali from Chennai
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I am a Gents and not a Ladies.
Here is some additional help..:
It must have taken you Good Three years to fill in your stay here to get the Canadian Citizenship. Then a year for the processing. So, you must have a minimum of FOUR Good years under your belt here in Canada. BASED UPON THAT.
You landed here in 2014 some time or earlier. I am sure you came directly from India. If you did, please note that the property you owned at that time had a DEFINITE Value, say Rs1,00,00,000 and you did not know that at that time. Now if you sell the same for about Rs.90,00,000 you have taken a loss of Rs. 10,00,000 And if you know any REAL ESTATE Appraiser there, (I can get you one for a Lac) please prepare an APPRAISAL done on the property held by you and save it like dear life., Because you have a CAPITAL Loss and you can use that against any future Capital Gains that you might incur.
PLEASE get all of these Notarized right there in India and have a few copies. They will come in handy at a later date.
You can avoid paying Capital gains there in India by investing the Capital gains there in The appropriate Bonds that they currently offer. Then when the Two years are UP you can repatriate the whole amount after paying a minimal Income tax on the Interest portion.
Alternately you can buy land or another property and re invest the same. As advised, please use a Chartered Accountant or an Auditor to streamline the operations and pay for his/her services.
Good Luck.
FH.
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Quote:
Originally posted by alexsteward
Once i get my Canadian Citizenship.... than i want to apply for OCI card as India does not give dual citizenship.
Can i go back to India once i get my OCI card to sell my property (previously held property) ? Can i sell my property even though i am not a Indian Citizen? Any issues i will have ?
Or is it better to sell Indian property before getting Canadian Citizenship?
Any suggestions!
Quote:
Originally posted by MITRON
Quote:
Originally posted by alexsteward
Once i get my Canadian Citizenship.... than i want to apply for OCI card as India does not give dual citizenship.
Can i go back to India once i get my OCI card to sell my property (previously held property) ? Can i sell my property even though i am not a Indian Citizen? Any issues i will have ?
Or is it better to sell Indian property before getting Canadian Citizenship?
Any suggestions!
Yes you can sell your property after OCI and Canadian citizenship.
Some taxation issues and repatriation of money to Canada might be different depending upon whether you are a Canadian citizen ( with OCI) or Indian citizen.
Consult a CA about that. But selling property itself won't be an issue.
Also you need a NRO or NRE acc in India after you get Canadian citizenship. The regular Indian ordinary resident account with Indian bank won't work and is illegal to have that. You will be forced to convert that into a NRO account.
The money from the sale of the flat will go into the NRO account and not your current resident account you have with your Indian bank.
Some of the above info is incorrect.
Taxation does not change whether or not you are a Canadian citizen. It remains the same if you are a Tax Resident of Canada, irrespective of citizenship.
For bank account, as soon as one becomes a non resident of India, one has to convert their resident account to NRO account, irrespective of citizenship. Since the Op is getting his citizenship, he must have been in Canada for atleast a few years. He should have converted his account to NRO long ago.
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Chandresh
Advice is free – lessons I charge for!!
Quote:
Originally posted by chandresh
Quote:
Originally posted by MITRON
Quote:
Originally posted by alexsteward
Once i get my Canadian Citizenship.... than i want to apply for OCI card as India does not give dual citizenship.
Can i go back to India once i get my OCI card to sell my property (previously held property) ? Can i sell my property even though i am not a Indian Citizen? Any issues i will have ?
Or is it better to sell Indian property before getting Canadian Citizenship?
Any suggestions!
Yes you can sell your property after OCI and Canadian citizenship.
Some taxation issues and repatriation of money to Canada might be different depending upon whether you are a Canadian citizen ( with OCI) or Indian citizen.
Consult a CA about that. But selling property itself won't be an issue.
Also you need a NRO or NRE acc in India after you get Canadian citizenship. The regular Indian ordinary resident account with Indian bank won't work and is illegal to have that. You will be forced to convert that into a NRO account.
The money from the sale of the flat will go into the NRO account and not your current resident account you have with your Indian bank.
Some of the above info is incorrect.
Taxation does not change whether or not you are a Canadian citizen. It remains the same if you are a Tax Resident of Canada, irrespective of citizenship.
For bank account, as soon as one becomes a non resident of India, one has to convert their resident account to NRO account, irrespective of citizenship. Since the Op is getting his citizenship, he must have been in Canada for atleast a few years. He should have converted his account to NRO long ago.
I was talking about Taxation from the Indian point of view, not the Canadian point of view. It absolutely makes a difference, if you're an Indian citizen or Foreign citizen, when it comes to taxes in India, especially capital gains tax on sale of property.
Also RBI allows a NRI or Foreign citizen to have a Joint Resident account with your close relative in India. Need not convert that to a NRO/NR account.
So son is Canadian citizen or NRI, but he has a Joint resident account with his parent who is an Indian citizen in India.
