What is the most economical way for parents to transfer their homes to their children?
It is most cost-effective for parents to give their children their property by inheritance。
There are three types of transfer: inheritance, sale and gift。
Cost-effective: inheritance/trade/gift;
Easier: succession/sale/gift。
Inheritance is the most cost-effective of the three types of transfer, but it is more demanding that both the recipient and the grantor must have a legal inheritance relationship or a legal heir to the will, and can also pose problems. As a result, the purchase and sale of a household is more expensive, less expensive and less costly and more suitable for most groups。
Legal basis
Article 208 of the civil code states that the establishment, alteration, transfer and destruction of real property rights shall be registered in accordance with the law. The creation and transfer of property rights in movable property shall be carried out in accordance with the law。
What procedures are required for the transfer of property from parents to their children?
Signature of confirmation. (b) sign confirmations with parents and bring relevant information, such as a title certificate or purchase contract for the property; a non-remunerated gift agreement between the grantee and the grantee on both sides, indicating that the grant is the genuine will of the grantee and that the acceptance of the gift is the genuine will of the grantee. It is also added that in the case of gifts, a single gift from the donor has legal force if the recipient is a minor. (b) fees: at least a fee for miscellaneous work, including surveying costs, 50 yuan each for less than 100 square metres, 200 yuan each for notary fees and 100 yuan for bookkeeping fees, is required for the signing of letters rogatory。
Assessment. (b) fees: the assessment fee is 5 per thousand of the value of the assessment of the property, but at least $1,000 per unit. As a gift operation, the assessed price is usually lower than the market price。
3. Processing gifts and notaries. Fees: the notary fee is 2 per cent of the assessed price。
4. Payment of taxes and fees. (a) fees: when you go to the housing authority to register gifts, which are more complex, the property will be re-evaluated by the authority, including: 3 per cent of the value assessed by the housing authority; 0. 5 per cent of the price assessed by the housing authority; and 80 yuan per transfer of property rights registration fee (plus 10 for every additional grantee). All three are generally paid by the grantees. Another is land concessions, depending on the nature of the property in the property to which the concession is granted, which are supplemented by a grant in the event of partial non-payment. It is worth mentioning that, if the gift is of a rehousing nature, it changes the nature of the gift and turns it into a commodity house。
5. New property permits. Note: if the presenter is a relative in the direct line or in-laws, the tax is exempt. Taxes are waived for gifts between parents and children or between spouses。
What are the costs that parents pay to give their children?
1. Business tax
Generally, the grantee is subject to a turnover tax, which is 5 per cent. In the case of gifts of property between close relatives and persons who have a relationship of support, as well as in the event of inheritance or bequest to acquire property, the turnover tax is exempt. In the case of property gifts between other persons, the turnover tax shall be paid in accordance with the law, but the turnover tax may still be waived if the property granted between other persons has reached a certain number of years and is eligible for exemption。
Additional taxes
The surcharge is borne by the grantee and is only levied if it is subject to taxes such as turnover tax, value added tax, etc., and is paid in proportion to the turnover tax payable, as follows: city building tax (7 per cent) and education fee surcharge (3 per cent)。
3. Taxes
Recipients of gifted properties are required to pay the full amount of the tax due, which is paid at 3 per cent。
4. Stamp duty
The stamp duty is payable in full by the contracting parties at a rate of 0. 05 per cent
5. Personal income tax
Personal income tax is exempt if property is given between a close relative and a person who has a relationship of support or support, and if inheritance or bequest takes place. In the case of gifts between other persons, personal income tax is paid in accordance with the law at a rate of 20 per cent。
6. Other costs
The transfer of gifts requires notarization before the notary, which is followed by a share of the gifts with the former owner。
It is hoped that the editor of the junior editor will help you in your life, and if you have any other legal questions, you are welcome to find a professional lawyer on our barrister's website。
