Navid Wani
Joined: 12/10/2024
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Tax on overseas bank transfer
Hello, I am a UK citizen and resident. I am planning to buy a house and by parents would like to help with the deposit. They are citizens and residents of India. They would like to transfer money as a gift into my account in India which then I will transfer to my bank account here. This money would already be taxed in India for my parents. Would I be liable to pay any UK tax on this transfer to my UK bank account? Many thanks, Nav