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I used to be Indian citizen but had to surrender it when I took up my British citizenship.
I'm permanently settled in UK.
My parents' house (main residence that was built by my parents years ago) with back garden was sold recently.
The house was owned by my mum (dad passed away) and she would like to send me half of the proceeds as gift to UK. Almost £100k.
Is there any income tax / gift tax, any other tax on it?
I'm aware of Inheritance tax if she passes away - but nothing to declare while she is alive?
The back garden was jointly owned with my brother. However we both transferred it as gift to my mum to ease the selling process of the house. I will receive half of the proceeds. Around £30k. I will pay Capital gains tax in India. Is there any income tax, capital gains tax, gift tax, any other tax on it here inthe UK? Do I have to make any declaration even if no tax?
Thank you for your advice.