I have got P.R. of Canada & planning to go there in next two months time. I have a residential property which I want to sell off and take the sale proceeds to Canada. The property's sale price is approx. 2.5 crores. Now my queries are following :-
1. The property has registered value of around 40 lakhs and if I take 1 crore by cheque payment and other by cash, will it be possible to transfer the funds fully?
2. Or otherwise I take the full sale consideration i.e. 2.5 crores in cheque, Can I transfer the full payment to Canada and how? Pls note that I will be buying a new house in next 6 months of around the same value in Canada.
CAclubindia
