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Income Tax v. Capital Acquisitions Tax

  • 05-05-2021 11:54am
    #1
    fx83wab
    Registered Users, Registered Users 2 Posts: 36 ✭


    Does anybody know the rules in terms of what can be classified as a gift (from a non-relative) versus income?

    I have tried looking online but can't find anything comprehensive on how to determine it. Is it driven by the amount, regularity, who received from, purpose etc.?


Comments

  • #2
    La la lopsy
    Registered Users, Registered Users 2 Posts: 23 ✭La la lopsy


    I would imagine a gift you give nothing/ do nothing in return for the money


  • #3
    Geuze
    Registered Users, Registered Users 2 Posts: 14,033 ✭✭✭✭Geuze


    La la lopsy wrote: »
    I would imagine a gift you give nothing/ do nothing in return for the money

    Income is earned.

    You must provide either labour, land, capital or enterprise to earn income.


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