Taxation of gift received from parent

S

settlement

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Hi all,

I'm very confused about taxation of a financial gift from a parent despite reading the revenue guidance.

I understand 3k per year is not taxable and doesn't contribute to the lifetime maximum tax free threshold.

But what about a 10k gift from a parent? Is that other 7k taxable? Provided the threshold has not already been exceeded. I mean a gift, not an inheritance
 
Then it would eat into the threshold.

But each person can give and receive €3k.

So parents can give €6k, and a couple could receive €12k in such circumstances.
 
Gordon Gekko said:
Then it would eat into the threshold.

But each person can give and receive €3k.

So parents can give €6k, and a couple could receive €12k in such circumstances.
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Yes but I mean if I receive a gift of 20k, will I be taxed on 17k now? Or will it just go into the threshold?
 
If you receive a gift of €20k from one person and you haven’t received anything else from then during 2021, the first €3k will be exempt and the rest will eat into the relevant threshold (if it’s still available).
 
Gordon Gekko said:
If you receive a gift of €20k from one person and you haven’t received anything else from then during 2021, the first €3k will be exempt and the rest will eat into the relevant threshold (if it’s still available).
Click to expand...
Thank you. So I can get 330k or thereabouts from parents and, a total of 32.5k from 2nd degree relatives like aunts/uncles etc before I must start paying tax? And this threshold is cumulative, ie not specific to each disponer, but specific to the recipient? And whether its for a house deposit or not is irrelevant?
 
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