RPGT - Excahnge of Assets - Gift
5 important questions on RPGT - Excahnge of Assets - Gift
What is the condition for no gain no loss in real property gains tax?
- DP=AP indicates no gain no loss.
- Applies when a gift of asset is made between:
- Husband to wife
- Parent to child
- Grandparent to grandchild
What happens when a person transfers an asset to a spouse/former spouse for consideration?
- Transferor must be a citizen.
- Transferor=NGNL
- Transferee’s acquisition price (LOW):
- Transferor’s AP
- Transferor’s PE
What is the rule for a transferor who is not a citizen para 12?
- If a transferor is not a citizen, DP of disposer= MV.
- Transferee’s AP is the MV at the time of transfer.
- Transferee’s AD is the date of transfer.
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What is the rule for a normal gift under Para 9?
- If a transferor disposes an asset by way of a gift/transfer below market value to a connected person:
- Deemed a disposal at market value.
- Transferee’s AP = MV at time of transfer.
- Transferee’s AD: date of transfer.
What is the rule for a citizen transferor in real property gains tax in Para 12?
- DP of disposer=Disposer’s AP(NGNL)
- AP of recipient (Low):
- Transferor’s acquisition price add
- Transferor’s permitted expenses
- Transferee’s acquisition date: the date the transferor transfers the asset.
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