My father was a government employee who was retired in Octiber this year. He wnats to give his settlement money to me and my sister, I understand that there is no tax for any gifts when its given to very close family members. I'm thinking of using this money for purchasing a house in the UK and the paperwork is quite strict for money transfer so I assume that I need to submot a legal document that confirms that this cash was given as a gift to us. Could you please help me to understand what process/steps I need to take to have a legal document confirming the same? Thanks.
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Gift tax
Replies (1)
1. The retiree should file his return of income and pay all applicable taxes over his earnings. (He cannot divert his tax liability over any others.)
2. He should make gift deed for the amount of gifts made, sny pay the amount by bank cheque or bank transfer.
3. Keep the copies of the bank statement/s along with gift deed for your records.
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