INTERVIEW QUESTIONS TAX GIFT TAX DETAILS

Question: What is considered a Gift?

Answer: Any transfer to an individual, either directly or indirectly, where full consideration (measured in money or money's worth) is not received in return, is considered as gift.

A gift is transfer of the ownership of property free of charge usually done out of love and affection or goodwill. Therefore, a gift of property made to a person is without and payment in return. The transferor is called the donor and the transferee is called the donee.

Any transfer to an individual, either directly or indirectly, where full consideration (measured in money or money's worth) is not received in return, is considered as gift.

A gift is transfer of the ownership of property free of charge usually done out of love and affection or goodwill. Therefore, a gift of property made to a person is without and payment in return. The transferor is called the donor and the transferee is called the donee. Source: CoolInterview.com

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