do i need to pay tax??

buddy143

sorry to post this again. I put it in the wrong section earlier on.
My dad owes a property in India which he now wants to give it to me as a gift. I am a british citizen (previously indian) and I want to sell the property off in India and bring the cash in to my hsbc account here in UK. I need the cash to pay as a deposit for my new house here. The total amount will be around £75000.
Am I allowed to do that?
Do I need to pay any income tax on the money I bring here from India?
any advice will be most helpful.

thanks a lot.

le_loup

You put it in the wrong place but you did get the right answer.

Cook_County

Where is your dad domiciled? Where are you domiciled? What are the Indian tax consequences?

buddy143

Cook_County wrote: »

Where is your dad domiciled? Where are you domiciled? What are the Indian tax consequences?

Hi My dad lives in India and I am british.

Cook_County

buddy143 wrote: »

Hi My dad lives in India and I am british.

Place of current residence and citizenship are very interesting facts - but nothing to do with domicile.

Where is your dad domiciled? Where are you domiciled?

Who is currently the beneficial owner of the property (as against the legal owner)?

What tax is due in India?

Does India have exchange controls?