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It will depend on the usage of the house before it was gifted to you. If it was an IP then you will be responsible for the relevant CGT. Same if it was a holiday house or second dwelling. If it has only even been someone's PPOR then it should be CGT free.
Best to get professional advice.
Marg
hi
I am not a tax expert, but I cannot see how this could be the case.
The recipient of a gift paying tax. Surely it is the disposer of the asset that it hit with CGT. Deceased estates excepted.
Can anyone back up this claim?
Absolutely. CGT is only an issue for the disposer. It doesn't become an issue for navjit6 until such time as he disposes of the property, in the future. For navjit6, the prior use of the property - PPOR or IP - is completely irrelevant; it's only how navjit6 uses it that's relevant to navjit6's CGT assessment.hi
I am not a tax expert, but I cannot see how this could be the case.
The recipient of a gift paying tax. Surely it is the disposer of the asset that it hit with CGT.
The gifter would pay the tax.
Gift tax has been abolished. At least in Queensland it has.
Marg
Yes, sorry. I was thinking deceased estate. The gifter would pay the tax. I'm not sure how that would work if it was given away. Would they still have to pay on the market value? Otherwise people could just give it to a child etc to avoid the tax.