When receiving a gift, you should be prepared for the fact that tax will need to be paid on the value of the gift. The taxation of gifts is influenced by the type of property as well as the personality of the donor.
Instructions
Step 1
If the property was donated to a person by his family members or close relatives, then the value of such a gift is not included in taxable income. This rule applies regardless of the type of property.
Step 2
If the subject of the gift is real estate (including land), a vehicle, as well as shares and other corporate rights (shares, shares, etc.), then it is included in taxable income. Here we are talking about gifts not received from family members or close relatives. The person who received such a gift must independently include its value in the tax return and pay tax on personal income from it by July 15 of the next year. If a person received another type of gift from an individual (for example, money), then it is not included in the income.
Step 3
In order to avoid problems with the tax authorities, it is recommended to arrange a gift in the form of a gift agreement. It should indicate not only the value of the gift, but also the degree of relationship between the donor and the donee.
Step 4
If a gift was made to a person by a legal entity or an individual entrepreneur, and its value does not exceed 4,000 rubles, then the amount of such a gift is not included in income. If it is exceeded, personal income tax is withheld from the difference. In this situation, the donor acts as a tax agent for the gift made. Therefore, the person who received the gift may not include its value on the tax return.
Step 5
Upon receipt of a gift by a legal entity (in cases where it is permitted by law), its value for tax purposes with income tax is included in taxable income as property received free of charge. Exceptions are cases when a gift is received by an enterprise from other legal entities and individuals who have control over it (i.e. more than 50% of the authorized capital). In this situation, the value of the gift (with the exception of money) will not be income, but provided that it will not be transferred to third parties within a year from the moment it was received.
