Gift Tax

[oaky7]

i recently sold land and received over 200k i have paid the cgt on it and now want to gift the remainder to my father to pay off a large bank loan can anyone tell me am i liable to pay gift tax or am i excempt as it is a parent..

 

[Guest]

See here for information on Gift Tax (Capital Acquisitions Tax) exemption limits for intra family gifts:

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