Transfer Money From Parents Account In India To My account in Canada

Question

1796 viewsDecember 16, 2020Real Estate Tax

0

James (anonymous) Posted December 9, 2020

Me and my parents are planning to buy a home in Ontario.
For this ,my parents have sold a Home in Delhi worth 2.8 crore

Now to transfer the amount from India ,do I need to get a gift deed or I need to pay tax in Canada for getting that money in CAD from my parents’ account .

1 Answer

score 0 · Answer 1 · 2020-12-16T18:07:49+00:00

Yes, your parents should prepare a gift letter specifying the following information: (a) name of the giver, (b) name of the recipient, (c) date of gift, (d) amount of gift. The gift letter should be notarized in India. You do not have to pay tax in Canada on cash gifts received.

Transfer Money From Parents Account In India To My account in Canada

1 Answer

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