Tax Impilcations - Housing Property
- Thread starter ttrajan
- Start date
Hello,
With regards to the tax implications in India, you should speak to an accountant who has expertise in Indian taxation and/or the Indian tax authorities/literature.
With regards to Canadian tax implications, you may or may not have to report and pay tax on the sale of your home. This will depend on whether or not you are a resident of Canada for tax purposes. If you are a resident, then your worldwide income is taxed in Canada.
For more information on being a resident of Canada for tax purposes, please peruse: http://www.cra-arc.gc.ca/tx/tchncl/ncmtx/fls/s5/f1/s5-f1-c1-eng.html
For more information on principal residences (homes, etc.) and Canadian tax implications on sales of such properties: http://www.cra-arc.gc.ca/tx/tchncl/ncmtx/fls/s1/f3/s1-f3-c2-eng.html
The above is just a generic guide. You should speak to the CRA at 1-800-959-8281 for more detailed guidance.
Madan Chartered Accountant team
www.madanca.com
With regards to the tax implications in India, you should speak to an accountant who has expertise in Indian taxation and/or the Indian tax authorities/literature.
With regards to Canadian tax implications, you may or may not have to report and pay tax on the sale of your home. This will depend on whether or not you are a resident of Canada for tax purposes. If you are a resident, then your worldwide income is taxed in Canada.
For more information on being a resident of Canada for tax purposes, please peruse: http://www.cra-arc.gc.ca/tx/tchncl/ncmtx/fls/s5/f1/s5-f1-c1-eng.html
For more information on principal residences (homes, etc.) and Canadian tax implications on sales of such properties: http://www.cra-arc.gc.ca/tx/tchncl/ncmtx/fls/s1/f3/s1-f3-c2-eng.html
The above is just a generic guide. You should speak to the CRA at 1-800-959-8281 for more detailed guidance.
Madan Chartered Accountant team
www.madanca.com