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bigduckontax
bigduckontax, Accountant
Category: UK Tax
Satisfied Customers: 2988
Experience:  FCCA FCMA CGMA ACIS
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I am British and have a property with my husband who is Indian.

Customer Question

I am British and have a property with my husband who is Indian. We have a marital propety inboth our names. He now wants to transfer the title deeed to me as a gift as he is living in India due to his job situation. Will I have to pay capital gains tax?
Submitted: 1 year ago.
Category: UK Tax
Expert:  bigduckontax replied 1 year ago.
Hello, I am Keith, one of the experts on Just Answer, and happy to help you with your question.
Inter spousal transfers are outside the scope of UK Capital Gains Tax (CGT). If this is, in fact, your sole or main domestic residence Private Residence Relief (PRR) applies anyway and relieves CGT at 100%. Many people do not realize that when they sell their sole or main domestic resident they are actually subject to CGT on the gain, but as PRR applies and is given automatically they never discover this.
I do hope that my answer has been of assistance to you.
Customer: replied 1 year ago.
Does this tax exemption apply even though he currently lives in India?
Expert:  bigduckontax replied 1 year ago.
Yes the UK exemption does, but Indian taxation is outside the scope of this essentially UK tax information forum so I cannot comment thereon. Your husband must seek local, professional guidance on the matter of the application of possible Indian CGT.

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