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Gift tax
Home Previous Syllabus Level 3 - Taxation & Fiscal Policy Archive by Category "Gift tax"

Category: Gift tax

Gift taxLevel 3 - Taxation & Fiscal PolicyPrevious Syllabus

Nov 2015 Q5 b.

What constitutes taxable gifts under Direct Tax?                                                                                                   (3 marks)

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i. Buildings of Permanent or temporary nature
ii. Land
iii. Shares, bonds and other securities
iv. Money, including foreign currency
v. Business and business assets
vi. Any means of transportation (land, air or sea)                         (3 marks for any 3 points)

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Gift taxLevel 3 - Taxation & Fiscal PolicyPrevious Syllabus

Nov 2015 Q3 c.

Kwame Patapaa has written in his Will that a parcel of land located in Kasoa should be given to his friend Adongo Muda upon his death in his Will.He is, however, not sure of the tax implication on this transaction and has approached you for assistance in this direction.
Required:
Detail out your response to this question.                                                                                                                          (3 marks)

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This is a clear case of a gift from Kwame patapaa to Adongo Muda as land is a taxable gift under section 106 of the Internal Revenue Act 2000 Act 592 as amended by Act 2003 Act 644.
Conclusion:
However, under section 105 of the Act, taxable gift received under a will or upon intestacy should not be included in the calculation of gift tax. In effect, the taxable gift of land received by Adongo Muda is exempt.

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