BUYING house in Canada_Power of Attorney

[Agastya]

Hi,

I recently moved to Canada and am looking to buy a house.

@legalfalcon can you help with:
1. How to issue a power attorney from Toronto to be send to India? What's the process and paper work needed?
2. Tax implications of sending the money from India to Canada - FYI, It's not been a year since I have been here.

Thanks !

 

[steaky]

Hi,

I recently moved to Canada and am looking to buy a house.

@legalfalcon can you help with:
1. How to issue a power attorney from Toronto to be send to India? What's the process and paper work needed?
2. Tax implications of sending the money from India to Canada - FYI, It's not been a year since I have been here.

Thanks !

Why do you need a power attorney? You moved to Canada but you cannot arrange with a local realtor and lawyer to help you complete the transaction?

Or are you in India but want to buy a property in Toronto? If so, can't you find a licensed lawyer in India to complete the transaction?

 

[Agastya]

Why do you need a power attorney? You moved to Canada but you cannot arrange with a local realtor and lawyer to help you complete the transaction?

Or are you in India but want to buy a property in Toronto? If so, can't you find a licensed lawyer in India to complete the transaction?

I need a Power of Attorney to sell off my property in India (under my name). Can't travel due to COVID... So will get my father to selll on my behalf.

Do you know the process?

 

[steaky]

I need a Power of Attorney to sell off my property in India (under my name). Can't travel due to COVID... So will get my father to selll on my behalf.

Do you know the process?

Sorry do not know.

Your heading is confusing and misleading! You need a power of attorney to sell off your property in India, so that you have funds to buy property in Canada.

 

[legalfalcon]

Hi,

I recently moved to Canada and am looking to buy a house.

@legalfalcon can you help with:
1. How to issue a power attorney from Toronto to be send to India? What's the process and paper work needed?
2. Tax implications of sending the money from India to Canada - FYI, It's not been a year since I have been here.

Thanks !

Property is a state subject in India and rules differ. So you will have to check with the state the property is in. Most states do not allow the sale of property with PoA anymore due to fraud.

It does not matter where you send them from and to. You just have to declare the source to meet the requirements of Proceeds of Crime (Money Laundering) and Terrorist Financing Act