Tax on money or property that one living person gives to another
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In economics, a gift tax is the tax on money or property that one living person or corporate entity gives to another.[1] A gift tax is a type of transfer tax that is imposed when someone gives something of value to someone else. The transfer must be gratuitous or the receiving party must pay a lesser amount than the item's full value to be considered a gift.[citation needed] Items received upon the death of another are considered separately under the inheritance tax. Many gifts are not subject to taxation because of exemptions given in tax laws. The gift tax amount varies by jurisdiction, and international comparison of rates is complex and fluid.
The process of transferring assets and wealth to the upcoming generations is known as estate planning. It involves planning for transfers at death or during life. One such instrument is the right to transfer assets to another person known as gift-giving, or with the goal of reducing one's taxable wealth when the donor still lives. For fulfilling the criteria of a gift, the person who receives the gift cannot pay the giver the full value for that gift, but they may pay an amount less than the full value of the gift. In the situation where all exclusions, thresholds, and exemptions have been met, these kinds of transfers are subject to a gift tax.
There are some criteria for a valid gift to be satisfied: the intention of the donor should be to voluntarily transfer and he is also competent to do so. On the receiver side, the donee should be able to receive and take delivery, and the person who provides the gift would be ready to give up all the control over the given property.[2]
^O'Sullivan, Arthur; Sheffrin, Steven M. (2003). Economics: Principles in Action. Upper Saddle River, New Jersey 07458: Pearson Prentice Hall. pp. 368. ISBN 0-13-063085-3.{{cite book}}: CS1 maint: location (link)
^"Internal Revenue Service | An official website of the United States government". www.irs.gov. Retrieved 16 February 2024.
economics, a gifttax is the tax on money or property that one living person or corporate entity gives to another. A gifttax is a type of transfer tax that is...
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