Proceeds of the inherited asset to a PR holder from the home country

[pkshaji]

I would like to ask one quick question. I have the visa stamped and not landed yet to Canada. My planned landing date is June 2017 as Permanent resident. I have some inherited asset like land and building in India ( home country) . That I am planning to dispose of in 2020 ( after three years of landing ).

1. The disposed proceeds , is it possible to transfer to my bank account in Canada in 2020 without any tax ?

2. Should I declaring anything at the time of landing ( in June 2017) the value of the fixed assets that I own in the home country ? I saw two forms like the things with me at the time of landing and the things that follow .. But nothing mention about the expected Cash that follow in a future date.

Please advice.... Thanks in Advance.

 

[oaw]

I would like to ask one quick question. I have the visa stamped and not landed yet to Canada. My planned landing date is June 2017 as Permanent resident. I have some inherited asset like land and building in India ( home country) . That I am planning to dispose of in 2020 ( after three years of landing ).

1. The disposed proceeds , is it possible to transfer to my bank account in Canada in 2020 without any tax ?

2. Should I declaring anything at the time of landing ( in June 2017) the value of the fixed assets that I own in the home country ? I saw two forms like the things with me at the time of landing and the things that follow .. But nothing mention about the expected Cash that follow in a future date.

Please advice.... Thanks in Advance.

In case you have not got the answer yet,
When you file your tax return in April 2018, let your accountant know that you have property in India.

When you sell your property in 2020, you need to pay the tax on capital gain.