House sale in India - valuation

[seamarine]

Hello

We moved to Canada in 2018 and sold our house in India last year. Now to file taxes while reporting the sale we have to find the value of the property in 2018, any ideas on how to get this done for 5 years ago.

Thanks

 

[steaky]

Hello

We moved to Canada in 2018 and sold our house in India last year. Now to file taxes while reporting the sale we have to find the value of the property in 2018, any ideas on how to get this done for 5 years ago.

Thanks

If the cost of your house was more CAN$100,000 in 2018, then you should have completed T1135 Foreign Income Verification Statement in your T1 2019 up to T1 2022. You may have penalty for failing filing the form. I suggest you get a reliable accountant to file your taxes.

 

[KenshiMK1]

If the cost of your house was more CAN$100,000 in 2018, then you should have completed T1135 Foreign Income Verification Statement in your T1 2019 up to T1 2022. You may have penalty for failing filing the form. I suggest you get a reliable accountant to file your taxes.

I know that it's an old post but just to clarify; 100K is needed to be reported only if it's not for personal use. Many of foreigners I have met didn't have anyone living in those houses, other than family members; this case scenario is considered a personal use.