Question about paying tax in Canada against the sale of my property in India

[himu2016]

Hello experts,

I recently sold my property in India and got the proceeds from my India NRO account to my Canadian bank account. I paid TDS in India against this sale. The property was under $100k.

My question is will I be taxed on the proceeds that I got here in Canada by CRA ?
I heard and researched a bit that there's something called Tax Treaty between Canada and India to avoid double taxation.

Any valid and evident reply will be highly appreciated.

 

[vkg]

Hi @himu2016 - did you get any answer for your query?

 

[Naheulbeuck]

Hello experts,

I recently sold my property in India and got the proceeds from my India NRO account to my Canadian bank account. I paid TDS in India against this sale. The property was under $100k.

My question is will I be taxed on the proceeds that I got here in Canada by CRA ?
I heard and researched a bit that there's something called Tax Treaty between Canada and India to avoid double taxation.

Any valid and evident reply will be highly appreciated.

It is important to clarify that India’s Double Taxation Avoidance Agreements with Canada and does not offer any relief from capital gains tax arising from immovable property situated in India. The capital gain will need to be disclosed along with the amount of taxes paid. You will have to pay the difference between what Canada would normally charge and what you already paid to India.

 

[himu2016]

It is important to clarify that India’s Double Taxation Avoidance Agreements with Canada and does not offer any relief from capital gains tax arising from immovable property situated in India. The capital gain will need to be disclosed along with the amount of taxes paid. You will have to pay the difference between what Canada would normally charge and what you already paid to India.

Thanks for your reply. There was no capital gains in fact as I sold my property at the same price I purchased it.