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Do I need to pay tax on a cash deposit of 1,500,000 baht from family in Thailand?
Apr 10, 2024
2 years ago
Morris *****
ORIGINAL POSTERHello everyone.
I am receiving 1,500,000 baht in cash from a family member in Thailand. I have an account with Bangkok Bank and I am wondering if I will have to pay tax for this cash deposit? Or will there be any trouble depositing this large amount of cash?
I am receiving 1,500,000 baht in cash from a family member in Thailand. I have an account with Bangkok Bank and I am wondering if I will have to pay tax for this cash deposit? Or will there be any trouble depositing this large amount of cash?
TLDR : Answer Summary
A user is inquiring about the implications of depositing 1.5 million baht received as a cash gift from a family member in Thailand, specifically whether they will incur taxes and if there are any issues with such a large cash deposit. Various commenters provided insights, suggesting it should not be a problem to deposit the cash, especially in smaller amounts, and that generally, no taxes would apply unless the funds need to be declared under Thai tax laws relating to gifts.
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Charlie ******
Let's go to the gogo bar
Sorry am I π
Sorry am I π
Mark ******
can I open a thai bank account without a visa ? Iβm doing three 30 days stays this year roughly ?
Morris *****
ORIGINAL POSTER@Mark *****
Reach out to Siam legal. They might be able to help you for a fee.Mark ******
@Morris ****
many thanks Morris , just want to start putting bits in place , iβll check em out π―π―π¬π§πΉππΉπππππReply to
Mark ******
Reply
Robert *****
Itβs $41,000 United States Dollars, you canβt buy a decent car for that. Not much money really.
Arch *********
Just don't tell the cops π
Ben *****
I believe there is actually a gift tax in thailand but I do not know what the exemption amount is and it appears to be mostly voluntary. I've seen much larger cash deposits and nothing ever happens.
Ilia *********
1.5m baht i believe no issues. 1.5m dollar now we are talking. Questions may arise
Steve **********
It's not $ US, it's baht. So not a large amount.
Davide *************
Si devi dichiarare Γ¨ pagare la tassazione!! Che tanto Γ¨ molto bassa
Stephen ********
Just tell them the truth, unless the family got it dishonesty
Judd **********
Just wire it and spend it over the next few weeks as normal.
Margaret ********
No issue at all kha.
Jessie ******
Shame it's not directly family then it would be tax free up to a rather large amount but "friends" will be taxed if you get auditit small chance but that's your risk to take
Javier ********
You are fine I do this very often, even higher amounts for buying property
Stephen *********
Buy gold
Peter *********
No, you are fine dude
Charles *****
Who wants cash in 2024 buy gold silver or something with a store of value even land is better than cash
Thanyanan *****************
Deposit/withdrawal less than 2 millions Baht at a time, no issue at all
Jon ********
Morris.....with a post like this you will no doubt have a lot of new freinds.π€
Christopher *************
No issue at all , I have done many times
Phil ******
@Morris ****
have this amount be deposited in smaller amountsWylie *******
Likley you'll need to include it on your taxes, as you would any income. Even gifts. Whether or not you will have to pay taxes will depend on what you received the money for and Thailand tax laws.
Jo **********
no tax
Paul ********
funnel it through my account dude ....πΆ
Graham ***********
Deposit in smaller amounts over a period of
Patrick ********
@Graham **********
exactly rightReply to
Patrick ********
Reply
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