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TaxRobin
TaxRobin, Tax Consultant
Category: Tax
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Experience:  International tax
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, hope you can help and advise on my situation. My

Resolved Question:

Hi, hope you can help and advice on my situation. My mother(Indian citizen) is selling a property in India which was owned by my father who passed away 10 years ago. She is wire transfering around £60000 which she belives is my share of the property. What would be the tax implications for me by accepting this money? I am a uk resident and still hold my Indian citizenship.
Submitted: 2 years ago.
Category: Tax
Expert:  TaxRobin replied 2 years ago.
Hello and thank you for allowing me to assist you.
As your mother is not under UK tax laws (she is not a resident of the UK) her giving you a gift is not taxable to you nor are you held by the rules for 7 years.
You would not be taxed on the amount as long as you are not named on that property in India and you are not selling as a partial owner yourself.
Customer: replied 2 years ago.
Thank you for answering. The property was in my fathers name. When he passed away myself, my mother and my sister became the co-owners of the property. My mother is splitting the money between me and my sister. I plan to use the money to purchase my first home in the UK. Will the above still hold true.
Expert:  TaxRobin replied 2 years ago.
If you also owned the property because you inherited a portion then the above is not specific to you.
You pay Capital Gains Tax when you ‘dispose of’ overseas property if you’re resident in the UK.
This will be on your portion and on the gain from when you inherited.
You will report this sell.
Expert:  TaxRobin replied 2 years ago.
Customer Last Viewed on 18/02/2015 at 15:46
You may also have to pay tax in the country you made the gain. If you’re taxed twice, you may be able to claim relief.
Capital Gains Tax is a tax on the profit when you sell (or ‘dispose of’) something (an ‘asset’) that’s increased in value.
It’s the gain you make that’s taxed, not the amount of money you receive.
You also don’t have to pay Capital Gains Tax if all your gains in a year are under your tax-free allowance. Your allowance is £11,000
TaxRobin, Tax Consultant
Category: Tax
Satisfied Customers: 15037
Experience: International tax
TaxRobin and other Tax Specialists are ready to help you
Expert:  TaxRobin replied 2 years ago.
Customer Last Viewed on 18/02/2015 at 16:32
If you have more questions please let me know.
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Customer: replied 2 years ago.

Thank youCustomer You have cleared my doubts and I will revisit the property deed.

Expert:  TaxRobin replied 2 years ago.
You are most welcome.
My goal is to give you excellent service.
Rating lets Just Answer know you were assisted and credits me for the time.
I really enjoyed working with you – please feel free to request me again when you come back to ask another question.

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