It’s great when someone gives you an apartment? But did you know that any acquisition of property, even a gift, is burdened with tax?
It is true that the value of the property, for example, cannot be compared to the amount of the tax on its transfer. However, if on the one hand we have the impression that the gift is free, and on the other hand, we observe the amount of taxes, in this case, this burden does not really seem insignificant.
You are obliged to pay the taxes on immovable property, a gift, cash and other possible gift items for which the Property Tax Act prescribes the obligation to pay gift tax.
However, with the obligation to pay a gift tax, there are certain exemptions and grounds for exemption from this obligation. This is precisely made to facilitate the transfer of rights between persons who are in a special relationship.
According to the Law, a taxpayer is not a person who receives things or rights in the same year from the same person in the amount not exceeding the amount of 100,000.00 dinars.
Donor’s first-degree relatives are also exempt from the gift tax, that is, the children, as well as the spouse.
The second-degree heirs, such as: parents, brothers and sisters, in some cases, when they have a special relationship with the subject of gifts, may also be tax exempt. These cases are explicitly regulated by the Law.