Posted on: 20-03-11 18:25:28
Hi,
I bought an apartment sometime in year 2010 in Chennai, India. I took the loan (LOC) from the bank and purchased the property.
I sent the money to my Father (through ICICI Bank Canada, got the copy of all the money transfer papers), gave him the Power of Attorney to buy and sell that specific property and he bought it on my behalf (the property is in my name).
Due to some personal reasons, I am planning to sell the property. It appears to have been appreciated about 4% (less broker commission + closing cost + Foreign Exchange).
How could I bring the money back ? Can my Father sell the property (using POA), pay any taxes if applicable in India and send the remaining money back? (so that I pay my loan). If there is any profit left still, I would pay the taxes in Canada too.
Any insight please ?
Thanks in advance.
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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
Hi
As per canadian taxation law you are liable topay taxes in canada for income all over the world. In India you can refer to any CA about present taxation law for NRI
Paresh
Quote:
Originally posted by pcd_d
Hi
As per canadian taxation law you are liable topay taxes in canada for income all over the world. In India you can refer to any CA about present taxation law for NRI
Paresh
Thanks. No issues paying the tax on the Income, the tax need to be paid in India first and then tax difference would need to be paid in Canada.
My question is really on the logistics of trasnferring money. I am assuming.
1. Sell the property.
2. Pay the tax on Profit to the Govt. of India.
3. Transfer the money to Canada from India.
4. Pay the tax difference 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
If your father has General Power of Attorney, He can sell the house. Mostly it depends on buyer's preference. Since you got proof that property brought through remittance, The amount can be deposited into your NRO account in India. Did you speak to branch manager? I have seen lot of threads in R2I Club about paying capital gains and repartition.
My Father has Power of Attorney to deal with this. Thanks for the lead. I will research and share the information later.
Quote:
Originally posted by pokiri
If your father has General Power of Attorney, He can sell the house. Mostly it depends on buyer's preference. Since you got proof that property brought through remittance, The amount can be deposited into your NRO account in India. Did you speak to branch manager? I have seen lot of threads in R2I Club about paying capital gains and repartition.
-----------------------------------------------------------------
The cowards never started,
The weak died on the way,
Only the strong arrived.
http://www.youtube.com/watch?v=_yK1i9cLAMM
