Is gift of cash from sale of PPR taxable?
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pancho
Apprentice
Joined: 16 Jul 2006
Posts: 2
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 Posted: 07/22/09 - 10:46 Post subject: |
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| My parents have decided to sell PPR and move elsewhere. I have several brothers and my parents thought they will make a gift of the money they receive from the sale to us. I would lake to know whether that gift is taxable or not. Thanks in advance. Any information will mean a lot to me. |
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germaine
Apprentice
Joined: 30 Sep 2005
Posts: 7
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| Posted: 08/20/09 - 23:07 Post subject: |
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| Strictly speaking, sale of a house is liable to CGT taxation. However, PPR, or principal private residence is exempt for such a tax, under the condition it has been used solely for living there. That means that the amount of money they will earn can be regularly divided. Now, taxes are generally not payable when it comes to gifts. There are several taxable types of gifts, but since this will be given to children from the parents. I hope you will find the information helpful. Best of luck. |
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