Capital Gain tax on sale of ancestral property in India

[B'loreSR]

Hello, my mother and us siblings sold my late father's house in India. I received a share in the proceeds. The buyer deducted the capital gains tax, (paid it to the income tax department) and paid me the balance. I brought my share of this money to Canada. Should I be paying tax on this amount in Canada? I am not working and have no income in Canada. Thank you in advance.

 

[caninfoseeker]

is inheritance taxable in canada

In Canada, there is **no inheritance tax**. Beneficiaries do not pay taxes on the assets they inherit; instead, taxes are settled by the deceased's estate through a final tax return. This includes any capital gains tax on appreciated assets, which is calculated as if the assets were sold at fair market value at the time of death[1][2][4]. However, if inherited assets generate income or are sold at a profit later, beneficiaries may face taxes on that income or capital gains[2][5].

Citations:
[1] How is Inheritance Taxed in Canada? - WOWA.ca https://wowa.ca/inheritance-tax-canada
[2] Inheritance and Taxes in Canada: A Comprehensive Guide - Willful https://www.willful.co/learn/receiving-inheritance-canada
[3] Inheritance Tax and Cross-Border Rules: What Canadians Need to ... https://www.srjca.com/blog/inheritance-tax-and-cross-border-rules/
[4] Named in the Will? What to Know About Canadian Inheritance Tax ...turbotax.intuit.ca › tips › do-you-pay-tax... https://turbotax.intuit.ca/tips/do-you-pay-taxes-on-money-you-inherited-467
[5] How Inheritance Tax Works in Canada - ClearEstate https://www.clearestate.com/blog/inheritance-tax-canada
[6] Inheritance Tax Canada: A Simple Guide to How the CRA Taxes ... https://www.swanwealthcoaching.com/blog/2024/03/13/inheritance-tax-canada

 

[B'loreSR]

Thank you for your time. Appreciate it.