Hi,
I am currently purchasing a property. As part of this I am receiving a gift of €40,000 from my parent.
I understand that this is tax free up to €335K and therefore I will pay not tax on this cash gift received. Is my understanding correct?
My solicitor also stated the following "This is a legal document and as such, the person gifting the money should obtain independent legal advice before signing the Deed of Confirmation. As there would be a conflict of interest, we would not be in a position to give any advice in relation to the document to be signed. I enclose herewith the Deed of Confirmation and you might arrange for same to be executed, with the benefit of legal advice, and returned to me at your earliest convenience. If you would like for us to arrange an appointment for the person gifting the money to receive independent legal with a Solicitor here in the Village, please advise. The costs of the independent advice usually amount to €184.50, including VAT.".
Do you see why at all my parents would need to seek legal advice and incur a fee of €184.50? I believe this is not necessary as it is a simple non taxable transaction. Does anyone have advise on whether is worthwhile for my parents to get legal advise in order to send me this gift?
Any advice would be really appreciated and save me money!
I am currently purchasing a property. As part of this I am receiving a gift of €40,000 from my parent.
I understand that this is tax free up to €335K and therefore I will pay not tax on this cash gift received. Is my understanding correct?
My solicitor also stated the following "This is a legal document and as such, the person gifting the money should obtain independent legal advice before signing the Deed of Confirmation. As there would be a conflict of interest, we would not be in a position to give any advice in relation to the document to be signed. I enclose herewith the Deed of Confirmation and you might arrange for same to be executed, with the benefit of legal advice, and returned to me at your earliest convenience. If you would like for us to arrange an appointment for the person gifting the money to receive independent legal with a Solicitor here in the Village, please advise. The costs of the independent advice usually amount to €184.50, including VAT.".
Do you see why at all my parents would need to seek legal advice and incur a fee of €184.50? I believe this is not necessary as it is a simple non taxable transaction. Does anyone have advise on whether is worthwhile for my parents to get legal advise in order to send me this gift?
Any advice would be really appreciated and save me money!