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Dec 10, 2023 2:44 am
My parents want to sell a property in India and send me the proceeds as a gift. What is the best way to receive it with minimal tax in India and Canada.
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Dec 11, 2023 4:03 pm
Hi Krithi,
From a Canadian perspective, you do not have to pay income tax on the gift received. If your parents are non-residents of Canada, they also have no tax payable to the CRA on the sale of the property. Note: your parents will likely owe Capital gains tax to the Indian taxation authorities.