Myselfassessment
Joined: 3/24/2023
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RE: Gift tax for cash gift from overseas
Hi, I am a U.K. citizen and my father (Indian citizen residing in India) wants to gift about £6,500 from his Indian bank account to my U.K. bank account. Will there be any tax implication on this transaction? I understand that I would need to pay the income tax on any interest I would receive on this amount.