Most people are sure that all rights to the property donated belong to the person who accepts the gift. This is due to the negative attitude of many taxpayers on the gift tax. However, most of them have a very vague idea of what this gift tax is. This article will provide the necessary information regarding this tax.
The gift tax is officially confirmed by the civil code of many CIS countries, however, it is represented differently in each country. Let's look at the cases in which it is necessary to pay a gift tax on property, and in which cases it is optional, relying mainly on the legislation of the Russian Federation.
According to the civil code, in accordance with the gift contract, the donor transfers certain property free of charge to the donee. It can be money, vehicles, securities or real estate.
A contract of gift of movable property may be drawn up orally. If immovable property is donated, the donor and the donor are required to draw up a contract in writing, there are no other options. In accordance with the civil code of the Russian Federation , an agreement on donating a sum of money by a legal entity that exceeds the tax-exempt minimum wage by more than five times, can also be drawn up in writing. In Ukraine, in this case, a written contract must be concluded if the gift exceeds the amount of 850 hryvnias (2600 rubles) in its currency value, this rule also applies to individual donors, who also have to pay a gift tax. In addition, the donation agreement can be written in writing, which indicates that the donor will transfer certain property for use in the future. In an article of the Civil Code of the Russian Federation on the form of a gift agreement, an agreement drawn up orally in these cases is defined as “void”. A deed of gift, whether oral or written, may be deemed valid if the donated property is obtained legally. The recipient is the party responsible for paying the gift tax.
The gift tax is levied on property that is transferred under a written contract. However, not every case will have to pay a gift tax. If the donor is not a relative of the donor of the apartment, the first is obliged to pay the state a gift tax - 13% of the value of the received property. If the person presented is not a citizen of the Russian Federation, the gift tax is 30% of the value of the donated property. The amount of the gift tax is determined by the market value of the object or the price specified in the contract. Thus, the gift tax lies with a citizen who is not a relative of the donor. If the gift concerns the close relatives of the donor, they are free from paying this tax. You need to pay only for notary services and state registration of the document.
Many elderly people who wish to transfer for use to persons who are not their relatives (for example, there are no relatives) certain real estate objects, whether it is a suburban area, an apartment or a house, are faced with the question: what is more beneficial for the person being presented and for them to issue a will or gift? In the latter case, the donor immediately takes over the rights of the property owner, but he will have to pay the gift tax. When making a will, it is necessary to take into account that it will enter into force after the death of the donor, and the donor can change it during his lifetime; during the life of the testator, the inheriting property has no right to use it.