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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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
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.
Clarity
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.
You can't give investment advice. You can only advise on the tax consequences of each transaction.
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
Definitely
No!
I think the OP has edited the question...
Yes, it was quite different earlier. Nobody misread.
Maybe
Yes, it was quite different earlier. Nobody misread.No!
I think the OP has edited the question...
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.
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.
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?