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Adam Hunt
Adam Hunt, Accountant
Category: Tax
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Experience:  FCCA, FFA, FFTA
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It's again in the context of bringing money from India. If

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Hi, it's again in the context of bringing money from India. If my parents & in laws want to provide me funds after selling their property or from their own savings as 'GIFT' Can it be taxable and how much would be the tax if the amount is around 90-100k£ in total.
My parents and in laws are retired senior citizens and their current annual income is below the limit to be taxed.

Hi, I am one of the experts. I will come back to you little later, plz bear with me.

If this is a transfer from savings only then it has nothing to do with tax. Income tax is the tax on income. This is how I think but I also advice you to give a call to HMRC self assessment helpline and just let them know about this transfer from family. They will further confirm you and also this gives you 100% peace of mind.

Hope I have answered your question?

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