Cash gift from India from parents

I am in UK with an ILR . I pay tax in UK . My parents want to bank transfer cash gift approx £14000 to help towards deposit for house . Wanted to know how much money is allowed to be accepted as gift through bank transfer . If it remains in bank for a certain time before a house is brought then do we have to pay tax on whole amount or only interest generated . Is it taxable if we keep the amount in cash ISA ,

Hi Harshal PATKAR
There are no Income Tax implications on the receipt of a cash gift unless the cash gift generates interest or dividends.
These would then potentially be subject to tax.
Further guidance can be found here:
Tax on savings interest
Tax on dividends
Individual Savings Accounts (ISAs)
Thank you. 


 

Hi, as the new tax year starts from April 2025, will the rule "no tax implications on cash gift received from family from India" will remain as is?

Hi,
There are no Income Tax implications on the receipt of a cash gift unless the cash gift generates interest or dividends. These would then potentially be subject to tax. Further guidance can be seen here:
Tax on savings interest
Tax on dividends
Thank you.