No. 4402 Cases Where Gift Tax is Imposed (Tax Answer)

Claims Supported by This Source

1. Gift tax is a tax imposed when property is acquired through a gift from an individual. When property is acquired through a gift from a corporation, it is subject to income tax.
2. If a person receives a benefit, such as from the forgiveness of a debt, it is considered a gift and is subject to gift tax.
3. Under calendar-year taxation, the tax is imposed on the amount remaining after subtracting the basic exemption of 1.1 million yen from the total value of property received as gifts from January 1 to December 31 of that year. If the total is 1.1 million yen or less, no gift tax is imposed and no return is required.
4. Under the settlement-at-inheritance taxation system, tax is imposed on the amount remaining after deducting a basic exemption of 1.1 million yen and a special exemption of 25 million yen for each specified donor. The basic exemption for this system is limited to gifts made on or after January 1, Reiwa 6.
5. Filing and payment are due from February 1 to March 15 of the year following the year the gift was received.

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