Donor's Taxation

 

Which of the following constitutes a taxable gift?

• Creditor’s gratuitous discharge of a debtor’s obligation             

• One day rent free use of another’s property      

• A gratuitous transfer by an incompetent

• An agreement to make a future transfer which is not supported by a consideration

The donation of personal property (movable) may be made orally if the value is ₱5,000 or less requiring simultaneous delivery.

• TRUE

• FALSE

Which of the following donation is required to be in a public document?

• Donation of personal property worth more than ₱5,000

• Donation of personal property

• Donation of real property

• Donations required to be in writing

For a donation to be valid , acceptance should be made ______.

• during the life time of the donor only

• During the lifetime of the donee only

• During the lifetime of the donor and the donee

• None of the above

A donation of which the donor’s tax is not paid is valid.

• TRUE

• FALSE

• MAGMAHAL,kasi kahit kailan di mali magmahal

Donation is a transfer of property for a consideration other than money.

• True

• False

• Magmahal

Citizen or residents is subject to donor/s tax regardless of the location of the property donated or where the gift was made.

• True

• False

• Magmahal

Donations of real property amounting to less than ₱5,000 should be in _______.

Park Shin-hye, a Korea citizen residing in north Korea donated her car in Mindanao to a friend residing in japan. Does the donation is subject to donor tax in the Philippines ?

• Yes

• No

What do we call the beneficiary of a donation?