Cash gift of $600,000 from sale proceeds of principal residence by aging uncle.

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_Joe2021

(Newbie)Newbie

17 Feb 2021

Hi ATO, My wife's uncle recently decided that he will sell his principal residence which he had initially willed to my wife aged 54, and to keep part of the proceeds for himself and to gift the balance of cash of approx $600,00 to my wife. Her uncle aged 83 has never received any Centrelink aid nor aged pension from the Government.

Will the cash gift of $600,000 attract any tax when she receives it?. My wife is still working and we do not own a house.

Thank you

Joe

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