A 17-year-old boy uses his own money to buy a 20 million baht house. He knows where his wealth comes from. Let me tell you, your parents are very smart!
It has become an issue that has received a lot of attention. In the case of a 17-year-old boy who spent NT$20 million (about 22.8 million baht) to buy a house in New Taipei City, Taiwan, he did not have to pay. “Gift Tax” Because parents can prove that their son “Used my own money” to buy this house. This is considered a very smart way.
Within 30 days after the completion of the sales contract. The father will report the gift tax to the competent tax authority in the place of residence. and showed a copy of his son’s passbook In order to prove that the source of the money used to pay for the real estate is “Deposit account” that parents leave to their sons over a period of 10 years from 2013-2023
Taipei National Revenue Office Please confirm that your son’s bank account has sufficient funds. And in fact the payment for the house was paid out of his bank account. It was found that it was not a gift from a legal representative or guardian and, therefore, no gift tax was charged.
The Department of Revenue also explains that further Each parent has a tax-free gift quota of more than 2 million per year starting from 7 years to 17 years. This is provided that if minors are buying property and can prove that the payment actually went to the minor Gift taxes are exempt. But if it cannot be proved It is considered a gift from a legal representative or guardian. And that gift is taxed according to the law.
In addition, in accordance with Section 5, paragraph 5 of the Inheritance and Gift Tax Law. Property purchased by a person with limited legal capacity. or a person who lacks legal capacity It is considered a gift by a legal representative or guardian. If it cannot be proved that the price paid is the property of the owner of the buyer. The legal representative or guardian must declare and pay gift taxes. within the period specified in Section 24 of the same law
Therefore, when a minor buys real estate legal representative or parents Attention must be paid to the relevant provisions of the tax law. To protect your own rights and interests
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