RihasP
Joined: 1/25/2023
-
RE: Cash gift from parents outside UK
Dear HMRC Admin, I am a UK Citizen, and my father (Indian Citizen) is going to gift me me some money from India (he lives there) which needs transferring, this amount will be used as an initial deposit to buy a property in the UK. I would like to know: 1. Do I have to declare or notify you/HMRC, and would that need any documentation from me (relationship proof) and the sender from India (e.g., source/proof of income in India etc) ? If yes, please can you share any links/procedures for the same. 2. Further, does my father need to declare somewhere that it is a gift from him? 3. Do I have to declare or notify the bank, and would that need any documentation from HMRC, the sender from India and the receiver here in UK? If yes, please can you share any links/procedures for the same. 4. If I get the transferred amount in a 0% interest account of mine, would I still have to pay any tax? 5. Are there any limits to the number of transfers and the amounts from India to UK as gifts? Thank you for reading my questions. Regards, SP -
RE: Gift tax for cash gift from overseas
I am a UK Citizen, and my father (Indian Citizen) is going to gift me me some money from India (he lives there) which needs transferring, this amount will be used as an initial deposit to buy a property in the UK. I would like to know: 1. Do I have to declare or notify you/HMRC, and would that need any documentation from me (relationship proof) and the sender from India (e.g., source/proof of income in India etc) ? If yes, please can you share any links/procedures for the same. 2. Further, does my father need to declare somewhere that it is a gift from him? 3. Do I have to declare or notify the bank, and would that need any documentation from HMRC, the sender from India and the receiver here in UK? If yes, please can you share any links/procedures for the same. 4. If I get the transferred amount in a 0% interest account of mine, would I still have to pay any tax? 5. Are there any limits to the number of transfers and the amounts from India to UK as gifts? Thank you for reading my questions. Regards, SP