We will inform you about the gift tax exemption limit.
Gift tax exemption for siblings and gift tax exemption for grandchildren are different.
In addition, third party gift tax and daughter-in-law gift tax are different.
Please check the following for gift tax standards that differ depending on the target. 증여세 면제 대상
Gift tax exemption limit 좋은뉴스
Target exemption limit
Spouse 600 million won
50 million won (20 million won if the subject is a minor)
Relatives 10 million won
0 won for others
Lineal ascendants refer to direct parents and (external) grandparents based on me.
Direct descendants are direct children, grandchildren, and great-grandchildren relative to you.
Direct descendants/descendants are exempt from gift tax up to KRW 50 million for 10 years.
The most received is the spouse, who has a gift tax exemption limit of up to 600 million won for 10 years.
In the case of siblings, they are related.
Therefore, grandchildren are direct descendants of up to 50 million won (20 million won for minors), and the maximum gift tax exemption between siblings is 10 million won for 10 years.
There is no cap on gift tax exemption for gifts to third parties.
In order to make a wise gift, it is recommended to divide and divide the gift tax exemption limit.
If you exceed the gift tax exemption limit, you must pay gift tax according to the gift tax rate table.
Briefly about the gift tax rate table!
10% for less than 100 million
20% for less than 100 million ~ 500 million
3 billion or more is 50%.
In order to give wisely, you need to make a gift plan over 10 years.
It may be different from the actual amount, so if the gift amount is large, please consult with a law firm before proceeding.
So far, we have talked about the gift tax exemption limit.