The gift tax exemption limit is also detailed.
In this article, the gift tax exemption limit according to the subject of gift is summarized in detail. 증여세 면제 대상
A situation in which property is gifted from someone without property is a situation that can happen to anyone. 좋은뉴스
So, the gift tax exemption limit is an essential tax-related content that you should know in advance rather than knowing when you have a gifted property.
Before looking at the gift tax exemption limit, let’s learn about the meaning and concept of gift tax.
Gift tax is a tax that occurs when property is gifted free of charge.
So, this gift tax must be paid by the person who received it within a certain period of time along with the details of the gift.
On the other hand, gift tax is a tax that should be considered important in that the person who gave it together with the person who received it is also liable for joint payment.
Gift tax exemption is made when the value or value of the gifted property does not reach a certain limit.
So, let’s take a closer look at the gift tax exemption limit.
The gift tax exemption limit differs depending on the type of gift recipient.
For example, the gift tax exemption limit for spouses and the gift tax exemption limit for children are different.
Even if they are the same child, the exemption limit for adult children and minor children is also different.
However, since the gift tax exemption limit for 6th and 4th degree relatives is the same, it is necessary to take care of the gift tax exemption limit according to the recipient of each property.
The person with the highest gift tax exemption limit is the spouse.
The gift tax exemption limit for a spouse is 600 million won.
In the case of children, there are different exemption limits for adult children and minor children.
In the case of adult children, it is 50 million won, and the exemption limit for minor children is 20 million won.
The gift tax exemption limit for direct ascendants is 50 million won.
And, in the case of relatives within the 6th degree and 4th degree, the gift tax exemption limit is 10 million won.
There are a few things to keep in mind in the above.
Even if it is the same child, the gift tax exemption limit is different depending on whether the child is of age or not.
So far, we have looked at the gift tax exemption limit.
If the gift tax exceeds the exemption limit, gift tax must be paid.
For reference, there is an obligation to report gift tax within 3 months from the end of the month based on the date the property was donated.
I hope that the information related to the gift tax exemption limit will be helpful to those who are learning about the gift tax.