Are you an Indian in the GTA? This weekend’s free seminar will teach you how to sell your property without having to fly back home

If you are an Indian in the GTA who wants to learn how to sell your property without flying back home, then you need to attend a seminar this weekend on how you can do just that.

The event is set to take place in Mississauga, Ont. on Saturday, July 26, at the Mississauga Valley Community Centre, and will be hosted by Sanu Nair, the founder and CEO of Remittor, a company based in British Columbia that specializes in providing wealth transfer and management services for non-resident Indians (NRIs) and persons of Indian origin who have connections and family ties back home.

At the event, you can learn how to sell your property without having to fly back home, discover how to save on taxes and fees, and understand the legal, taxation, and repatriation rules concerning the sale of your property.

Another event of the same kind is set to take place in London, Ont. on July 27, at the Kinsmen Recreation Centre.

Challenges facing Indians who want to sell property back home

NRIs often face multiple challenges – legal, financial, and logistical ones – when it comes to selling their property back home.

Selling property without having to fly back home often requires finding the right legal representation, which can be a costly affair…and that’s after finding someone trustworthy!

There’s also the matter of taxation: about 20 to 30 percent of the sale proceeds go towards taxes deducted at source (TDS), which can severely impact immediate returns.

Once sold, there’s also the challenge of repatriation of funds: NRIs can only transfer up to $1.5 million a year from an NRO account, requiring careful financial planning. There’s also the 20% tax collected at source (TCS) to factor in on large remittances, unless exemptions are carefully filed.

While all of these factors can take a toll on a person, they are only compounded by the time taken for these processes to go through: property registration, financing from the buyer’s side, or clearances can drag on for months, not to mention the multiple visits the NRI seller needs to make to India to ensure their sale goes smoothly.