CGT on inherited house overseas

[benwantstoknow]

Hello,

I have inherited a property from my Grandmother who was based overseas (India). By giving power of attorney to my uncle he has sold the property and is ready to send the proceeds to my account in the UK. I wanted to know if there will be any CGT liability on the funds that will be repatriated (about £200k)?

Will I also need to request any documentation to prove the sale value? Will there be any issues with sending a large amount of money to my bank account in the UK?

Thank you.

[GlobalTaxAdviser]

Hi

If you domiciled in the UK and are selling a property then you will be liable for CGT in UK and India. You can get a foreign tax credit for any tax paid in India assuming you are tax resident in the UK under the double tax treaty

If you are not domiciled then any gain on the property would be taxed on an arising or remittance basis

Most definitely,I would get all documents pertaining to the sales and tax certificates for any tax paid in India.