Are there any tax implications if I gift overseas real estate asset to my parents.

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 · Accepted Answer

EthanATO · Answer

Transferring real estate that is not your main residence out of your name generally incurs a Capital Gains Tax (CGT) event even as a gift. You're taken to have received its market value at the time of disposal and will need to pay capital gains tax on any capital gain for non-exempt parts of the property. If the property is your main residence, and you are eligible for the main residence exemption, this exemption will still apply. You can read more about transferring real estate to family members on our website. Hope this clarified that, let us know if you have any more questions.

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