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Canadian Resident Seeking Rs 40 Lakhs from India for Property Down Payment: Tax Implications?

T S Khurana |421 Answers |Ask -Follow

Tax Expert - Answered on Mar 12, 2025

A certified management accountant since 1993, T S Khurana is a fellow member of The Institute of Cost Accountants of India. His areas of expertise are income tax, specifically litigation cases, and GST.

Since the last 21 years, he has also been providing expert advice on financial matters, including investments and diversification of funds, and wealth building in the long term to his clients.
He believes that investment in real estate is the safest way for better returns and wealth generation over a period of time.

A former chairman of the Chandigarh Chapter of Institute of Cost Accountants of India, T S Khurana has also served as member of its technical committee.... more

Asked by Anonymous - Feb 27, 2025Hindi

Money

Hello! I am resident of Canada ,wants to get Rs 40 lakhs from India from my father for making a down payment of property I looking to purchase in Canada.just want to ask do my father have to pay any tax on it, he is looking to sell a plot

Ans: 01. When your father sells a plot in India, he would be subject to Capital Gain Tax (may be Long Term or Short Term), under the I.T.Act.
02. TCS will be collected/deducted, when your father transfer you money.
03. TCS deducted can be claimed back by filing his ITR. Amount of TCS shall be refunded after adjustment of due taxes in his ITR.
04. Please note that both these transactions should be done in the same financial year.
Most welcome for any further clarifications. Thanks.

DISCLAIMER: The content of this post by the expert is the personal view of the rediffGURU. Users are advised to pursue the information provided by the rediffGURU only as a source of information to be as a point of reference and to rely on their own judgement when making a decision.

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DISCLAIMER: The content of this post by the expert is the personal view of the rediffGURU. Investment in securities market are subject to market risks. Read all the related document carefully before investing. The securities quoted are for illustration only and are not recommendatory. Users are advised to pursue the information provided by the rediffGURU only as a source of information and as a point of reference and to rely on their own judgement when making a decision. RediffGURUS is an intermediary as per India's Information Technology Act.

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