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Income Tax v. Capital Acquisitions Tax

fx83wab · 2021-05-05 11:54:31

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.?

05-05-2021 12:54pm

#1

fx83wab

Registered Users Posts: 36 ✭

Join Date: May 2014

Posts: 19

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.?

0

Comments

#2 06-05-2021 7:52am

La la lopsy

Registered Users Posts: 23 ✭

Join Date: February 2012

Posts: 18

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

0
#3 06-05-2021 10:53am

Geuze

Registered Users Posts: 13,036 ✭✭✭✭

Join Date: July 2010

Posts: 12890

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.

0