my dad transferred his house worth $ 800 k to me with a mortgage of $ 400 k. Do I need to pay Gift tax? location Qld and I am not resident for Australian taxation.
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Hi @harinarayanan,
Gifts of money or property aren't taxable - you can check out our article on tax on gifts for some more information on this.
However, if the property changes into your name, it is classed as a capital gains tax event. So your dad would have to pay CGT on the property.
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Hi @harinarayanan,
Gifts of money or property aren't taxable - you can check out our article on tax on gifts for some more information on this.
However, if the property changes into your name, it is classed as a capital gains tax event. So your dad would have to pay CGT on the property.
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