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Legal Terms – Gift
A gift is a voluntary and gratuitous transfer of property. For legal validity, it generally requires delivery, deed, or donatio mortis causa and an intention by the donor for ownership to pass. Equity may uphold imperfect gifts under certain circumstances, such as estoppel.
For taxation, a gift counts as a disposal for capital gains tax and a transfer of value for inheritance tax purposes
A gift is a voluntary and gratuitous transfer of property. For legal validity, it generally requires delivery, deed, or donatio mortis causa and an intention by the donor for ownership to pass. Equity may uphold imperfect gifts under certain circumstances, such as estoppel.
For taxation, a gift counts as a disposal for capital gains tax and a transfer of value for inheritance tax purposes
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