Gift from father to son

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19 Points Posted on 13 October 2022
My father want to gift a fd to me. Does it require a gift deed ? Also will any tax liability will be for me?
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On 13 October 2022 at 18:12 Report
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Quick Summary
If your father is gifting you a Fixed Deposit (FD), you're likely wondering about the need for a formal gift deed and any associated tax liabilities. Generally, for monetary gifts like an FD from a parent to a child, a gift deed isn't required. Furthermore, there are typically no tax implications for either the giver or the receiver in such cases within the UK.

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student
30 Points Posted on 13 October 2022
Exempt and No document needs.
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On 13 October 2022 at 21:02
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Profession
28252 Points Posted on 14 October 2022
If it's an tangible property then gift deed is required.
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On 14 October 2022 at 08:01
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tax consultant
3306 Points Posted on 14 October 2022
No tax liability to both parent and the child
its not necessary to make any gift deed
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On 14 October 2022 at 19:08

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