Hi CD's
My parents in India own a residential property there which they want to give me as Inheritance. I am a citizen here and live in Ontario. After I inherit, I plan to sell this and transfer money to Canada. My relatives both in India and Canada are interested in buying this property. I would like to know what could be the tax implications here when money is wired to Canada and in India if any. I read somewhere inheritance money is not taxed here. But even if so what legal documentation would I require to prove that this money which I get is in fact inherited. Would I need the help of a lawyer here to do this?
Thank you
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you may be someone to the world but for someone you are the world.
Any Advice CD's?
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you may be someone to the world but for someone you are the world.
Quote:
Originally posted by shriya
Hi CD's
My parents in India own a residential property there which they want to give me as Inheritance. I am a citizen here and live in Ontario. After I inherit, I plan to sell this and transfer money to Canada. My relatives both in India and Canada are interested in buying this property. I would like to know what could be the tax implications here when money is wired to Canada and in India if any. I read somewhere inheritance money is not taxed here. But even if so what legal documentation would I require to prove that this money which I get is in fact inherited. Would I need the help of a lawyer here to do this?
Thank you
http://www.theglobeandmail.com/globe-investor/personal-finance/financial-road-map/inheriting-money-from-abroad-understand-the-rules/article4451568/
http://madanca.com/learn/articles/entry/tax-on-foreign-inheritance-canada/
Thank you Full House and Nightmare.
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you may be someone to the world but for someone you are the world.
My father's Will gives me 1/4 share of his flat in Maharashtra; the other sibling is paying me equivalent money/indian Rs 15 lakhs, after I sign NOC in his favour.
Question:
1)Can I deposit the cheque in my NRO a/c without any questions being asked?
2) If I give 10-12 lakhs/Rs from my NRO a/c to my NRI daughter-in-law to buy a car, will it be taxed?
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Many
First get the Property Value Established. It is called the Market Value. They will normally look into the last sale of a similar property or one very close by to establish its value. After which you DIVIDE and collect your share.
The funds received from your Brother, which will be in Rupees, can only be deposited into an NRO Account of yours.
Since it is gift through your Fathers will, you must get a copy of it and take it to an accountant and register it and collect the sum from your Brother and ask him to deposit into the NRO A/C.
What ever is left after your gifting, the balance can be transferred out of India from any bank. See a Bank Manager for the same. They do it every day. It is a couple hours work. Some Accountants will do it for you.
As regards the gift. There is NO TAX If the gift is from Father TO Son. when you gift it to a Daughter in law might attract Taxes. Talk to the Accountant. So, work things out through your son for the gift angle.
Hope this helps you.
FH.
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Quote:
Originally posted by Many
My father's Will gives me 1/4 share of his flat in Maharashtra; the other sibling is paying me equivalent money/indian Rs 15 lakhs, after I sign NOC in his favour.
Question:
1)Can I deposit the cheque in my NRO a/c without any questions being asked?
2) If I give 10-12 lakhs/Rs from my NRO a/c to my NRI daughter-in-law to buy a car, will it be taxed?
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