Posted on: 13-07-07 03:23:38
Greeting to all :
I am planning to buy a apartment in mumbai under my name(cause i'll take home loan which i'll pay in a year).I have also applied to immigrate to canada as of today.What i would liek to know is if i happen to move to canada do i need to sell my property in india.I dont want to sell the property as my family will be staying in india.
Any help will be highly appreciated.
Thank You All !!!
Z
Quote:
Originally posted by icetea
Greeting to all :
I am planning to buy a apartment in mumbai under my name(cause i'll take home loan which i'll pay in a year).I have also applied to immigrate to canada as of today.What i would liek to know is if i happen to move to canada do i need to sell my property in india.I dont want to sell the property as my family will be staying in india.
Any help will be highly appreciated.
Thank You All !!!
Z
First of all congratulations on buying a flat in Mumbai, India and applying for immigration to Canada. It might generally take more than a couple of years after you get your PR card.
When you come to Canada, you DO NOT have to sell your property if you do not wish to.
After becoming a PR, if the property is in your name and the value is over Can $100,000 you need to simply report this property in your Income Tax Return here in Canada. However, if you are not deriving any income from that property, then you do not have to report any income but if the property is rented and you have income from that property you will have to report that income here in Canada and pay taxes on that as in Canada the tax payers have to report their 'worldwide income'.
Hope it clarifies.
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Pramod Chopra
Senior Mortgage Consultant
Mortgage Alliance Company of Canada
Thanks You so much for the reply.
One more query :
If i buy apartment by taking a home loan will that be a disadvantage for my assessment by immigration officer when the day comes?
Z
NO!
It would not be a disadvantage for you because if you have a liabilty (loan) then you have corresponding or even higher value asset (property)
Good Luck.
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Pramod Chopra
Senior Mortgage Consultant
Mortgage Alliance Company of Canada
Thank You so much for your reply.I really appreciate your time..
Cheers,
Z
