The Law Dictionary

Your Free Online Legal Dictionary • Featuring Black’s Law Dictionary, 2nd Ed.

GIFT TAX Definition & Legal Meaning

Definition & Citations:

Property transferred as gift, or by inheritance or will, without any payment or monetary consideration in exchange, is typically liable to have a charge levied on it. The person / entity giving or the person / entity receiving the gift is liable to pay the charge, depending on local laws.

Disclaimer

This article contains general legal information but does not constitute professional legal advice for your particular situation. The Law Dictionary is not a law firm, and this page does not create an attorney-client or legal adviser relationship. If you have specific questions, please consult a qualified attorney licensed in your jurisdiction.