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Legal Terms – Gift
A voluntary transfer or bestowal of property without compensation. For a gift to be legally valid, it typically requires physical delivery, a deed, or a *donatio mortis causa. The donor must intend for ownership to transfer as a gift. Nonetheless, an imperfect gift (i.e., one that has not adhered to legal formalities) may be regarded as lawful in equity under specific circumstances (see to estoppel). A bequest becomes effective upon the demise of the testator. A gift is considered a disposal for capital gains tax purposes. A gift constitutes a transfer of value for the purposes of inheritance tax.
A voluntary transfer or bestowal of property without compensation. For a gift to be legally valid, it typically requires physical delivery, a deed, or a *donatio mortis causa. The donor must intend for ownership to transfer as a gift. Nonetheless, an imperfect gift (i.e., one that has not adhered to legal formalities) may be regarded as lawful in equity under specific circumstances (see to estoppel). A bequest becomes effective upon the demise of the testator. A gift is considered a disposal for capital gains tax purposes. A gift constitutes a transfer of value for the purposes of inheritance tax.
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