Академический Документы
Профессиональный Документы
Культура Документы
Additional Information:
The rule of transfer for insufficient consideration does not apply to SALE of real property classified as capital asset.
The exemption does not extend to: sale of real properties classified as ordinary asset and sale of personal or
movable property.
Renunciation by the surviving spouse of his share in the net conjugal or communal properties is taxable regardless
whether it is specific or general.
Rules on renunciation:
Type of renunciation General Specific
Renunciation with more than 2 Exempt Taxable
heirs
Renunciation with only 2 heirs Exempt Exempt
Renunciation by the surviving Taxable Taxable
spouse of his share in the
common properties 1
A gift that is incomplete because of reserved powers becomes complete when either:
a. The donor renounces the power; or
b. His right to exercise the reserved power ceases because of the happening of some event or contingency or
the fulfillment of some condition, other than because of the donors death.
Void Donations (Prohibited under the Civil Code)
Banzon, Jolina B.
1. Donation between spouses, except minor gifts
2. Donation between persons who were guilty of adultery or concubinage at the time of donation;
3. Donations between persons found guilty of the same criminal offense in consideration thereof;
4. Donations to a public officer or his wife, descendants or ascendants by reason of his office
5. Donations to incapacitated persons
6. Donation of future property
Donation in trust is taxable if it is irrevocable.
Note that in adjusted net asset value method: Only for the purpose of FV determination, real properties
shall be assessed at the highest of tax declaration fair value, zonal value and independent appraisal
value.
Banzon, Jolina B.