Gifted money

Viv asks:
(updated on Monday, May 27th 2019)

My mother, who lives overseas, is selling one of her properties and wants to gift me the money so we can buy property here in New Zealand. We plan to use the money for a deposit for the property here. I have been a New Zealand tax resident for almost nine years. I'm wondering what my tax obligations are here in New Zealand with regards to the gifted money?

Our Experts Answer:

The receipt of money gifted in consideration of natural love and affection is not taxable.

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