I have under construction property in India with possession due in Dec 2021. I have Canadian PR, can someone suggest if there will be any issues with my property possession/ registration if I become Canadian citizen?
I have under construction property in India with possession due in Dec 2021. I have Canadian PR, can someone suggest if there will be any issues with my property possession/ registration if I become Canadian citizen?
1. During property registration in India, do NRI's/ OCI status holders need to pay any additional taxes/fee?
2. When I purchased property, I was Indian citizen, but when I will get registration done, I would be Canadian citizen, will there be any issues/ roadblocks to get registration done? Should I wait to become Canadian citizenship before registration is complete?
3. I eventually want to sell off that property and bring money to Canada, will be there be tax on that money apart from the bank international wire transfer fees?
1. During property registration in India, do NRI's/ OCI status holders need to pay any additional taxes/fee?
2. When I purchased property, I was Indian citizen, but when I will get registration done, I would be Canadian citizen, will there be any issues/ roadblocks to get registration done? Should I wait to become Canadian citizenship before registration is complete?
3. I eventually want to sell off that property and bring money to Canada, will be there be tax on that money apart from the bank international wire transfer fees?
RSS2015 for your question number 1 no need to pay any additional taxes or fee.
and for your question number 2 there will not be any issue or roadblock to get the property register in your unless it is an agricultural land.
RSS2015 for your question number 1 no need to pay any additional taxes or fee.
and for your question number 2 there will not be any issue or roadblock to get the property register in your unless it is an agricultural land.
You will likely have to pay Canadian taxes. There are likely to be capital gains and you are taxed if it is not your primary residence. Would do some research based on your individual situation.
1. During property registration in India, do NRI's/ OCI status holders need to pay any additional taxes/fee?
2. When I purchased property, I was Indian citizen, but when I will get registration done, I would be Canadian citizen, will there be any issues/ roadblocks to get registration done? Should I wait to become Canadian citizenship before registration is complete?
3. I eventually want to sell off that property and bring money to Canada, will be there be tax on that money apart from the bank international wire transfer fees?
