Q.1174 UK tax on monies transferred from property sale in India

Question: Hi, My parents are Indian citizens who are resident in India and I am UK citizen resident in the UK. If my parents decide to sell a property they own and transfer the monies as a gift from the sale to me in the UK, will I have any tax liability in the UK? Funds will be less than £100,000! As the funds need to be deposited in a NRO account in India for repatriation, would there be a tax liability for me in India given that the money is given as a gift by parents? Thanks for your help! Thanks, Answer: Gifted money received from parents and deposited in NRO account will not be taxed in India but the interest earned in NRO account on this money will be taxable. Regarding tax in UK on money received from abroad by a UK citizen see question/answer number 840. The link to the page is: http://nriinformation.com/questions12/question840.htm

Information by Virendar Chand

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