Gift Tax?

O

orlsmc

Guest
Hi,
My sister and I are currently buying a house. Our parents are giving us a gift of the deposit (approx 30k). We are just wondering if we'll have to pay gift tax on the money they're giving us?

Thanks
 
I also recieved a gift of deposit from parents when buying my first house last year - I didnt have to pay any tax or anything. I just needed a letter signed by them stating the money was a gift and not repayable for the bank.
 
A child is allowed to receive a gift/inheritance from parents to the value of 478k without incurring any tax liability. This amount is cumulative i.e. the total sum of gifts or inheritance received over lifetime.
 
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