Harshal PATKAR
Joined: 3/24/2025
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Cash gift from India from parents
I am in UK with an ILR . I pay tax in UK . My parents want to bank transfer cash gift approx £14000 to help towards deposit for house . Wanted to know how much money is allowed to be accepted as gift through bank transfer . If it remains in bank for a certain time before a house is brought then do we have to pay tax on whole amount or only interest generated . Is it taxable if we keep the amount in cash ISA ,