My parents want to gift a house to my daughter who is 6 years old. House is currently on mortgage and also earning rental income. Please advise what will be the tax implications for both my daughter and my parents. Will there be any tax payable and by who and whether any exemption or deferral is applicable.
Agree with Bruce4Tax - based on the age of the child, a legal specialist can confirm whether a 'parent as trustee for child' is the best approach or whether a family trust should be used. There are several ways to enact this transfer with different outcomes both legally and for tax.
You need legal advice - a 6 year old lacks legal capacity to own land.
Agree with Bruce4Tax - based on the age of the child, a legal specialist can confirm whether a 'parent as trustee for child' is the best approach or whether a family trust should be used. There are several ways to enact this transfer with different outcomes both legally and for tax.
15 Apr 2026 · 4 min read time
15 Apr 2026 · 8 min read time
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