Cash gift from India

Cash gift from India

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Evening All,

Can anyone help with this question or point me in the right direction please?

My clients wife has been gifted a property and some land in India to the value of £400K. She is considering selling it and bringing the cash into the UK, What tax implications will she face?  My client and his wife moved to the UK in 2009.

Many thanks for your help.

Replies (13)

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David Winch
By David Winch
26th Nov 2015 20:32

Cash??
To me cash means folding money. But you say it is a property & some land.

In any event do you think you should be advising on this?

David

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Replying to Graham Ashman:
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By chloe77
27th Nov 2015 09:15

Very helpful advice, thank you!

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By johngroganjga
27th Nov 2015 08:59

I agree with David, although to me cash includes credit balances in banks. Either way your question makes no sense as you say client's wife has acquired property and land then ask what she would do with the cash - what cash is the obvious question.

Assuming she has cash, the advice you are asking for is straight down the middle investment advice. Are property investment returns likely to be better in India or the UK (and what about other countries by the way)?. That I imagine is what David means by asking whether you should be advising in this area.

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By chloe77
27th Nov 2015 09:15

She is considering selling the property and land in India and bringing the cash into the UK!

 

Thanks for your very helpful comments!

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Replying to Hut15:
By Bungo
27th Nov 2015 09:42

Clarity

chloe77 wrote:

She is considering selling the property and land in India and bringing the cash into the UK!

 

Thanks for your very helpful comments!

So why don't you just say that then. Your thread title mentions cash and then you talk about property and land and then wonder why people question it. Sometimes tax consequences start with the process of converting property to cash so it is relevant.

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By cheekychappy
27th Nov 2015 09:25

You can't give investment advice. You can only advise on the tax consequences of each transaction.

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By Jo Nokes
27th Nov 2015 10:07

Misread?

I took the OP to mean what are the capital gains tax implications of selling land in India, as a UK resident.  Bringing the resulting funds to the UK was not the problem-but of course I could be wrong.  I don't think the OP has clarified

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By cheekychappy
27th Nov 2015 10:11

Misread

No!

I think the OP has edited the question...

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Replying to SXGuy:
By Bungo
27th Nov 2015 10:15

Definitely

cheekychappy wrote:

No!

I think the OP has edited the question...

Yes, it was quite different earlier. Nobody misread.

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Replying to The Dullard:
paddle steamer
By DJKL
27th Nov 2015 10:44

Maybe

Bungo wrote:
cheekychappy wrote:

No!

I think the OP has edited the question...

Yes, it was quite different earlier. Nobody misread.

Maybe the first person replying to all threads ought to be encouraged to copy the question into their response so that the original question, thereafter, is always available to view,irrespective of the OP possibly later editing their original post.

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By Tim Vane
27th Nov 2015 10:45

Here is the OP's original question

Cash gift from India

Posted by chloe77 PM | on Thu, 26/11/2015 - 20:09

Evening All,

Can anyone help with this question or point me in the right direction please?

My clients wife has been gifted a property and some land in India to the value of £400K. She is trying to decide if its best keeping the cash in India and reinvesting it over there in property or bringing the cash to the UK to buy a property here. My client and his wife moved to the UK in 2009.

Many thanks for your help.

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By Jo Nokes
27th Nov 2015 12:08

wasted effort

Thanks, Tim. I've been wasting my time on this then!

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By David Treitel
27th Nov 2015 17:59

What are the rules in India?

What are the laws and tax rules in India? Where are the client and the wife domiciled?  Are they filing on the remittance or the arising basis?

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