1. tax-free. Personal income tax is not levied on the inheritance and donation of real estate by immediate family members.
In real life, you may often see such a dialogue: "Is it tax-free for children to inherit their parents' property?" "Is it necessary to notarize? "Recently, the Ministry of Finance of People's Republic of China (PRC) and State Taxation Administration of The People's Republic of China issued the Announcement on Individual Income Tax Taxable Income Items of Individuals Obtaining Relevant Income, clarifying that parents' houses are left to their children, and inheritance and gifts can be tax-free.
Take Bian Xiao as an example. Mr. Li has a house with an area of 150 square meters, and the house worth about 3 million yuan has been transferred to his eldest daughter, but he doesn't know the policy and where to consult and go through the formalities, which makes him very embarrassed. "I heard that there is no tax on house gifts, is that right?" According to Mr. Li's situation, there are two main tax issues involving housing property rights.
There are two situations, mainly because Mr. Li's situation involves the policies of the Ministry of Finance of People's Republic of China (PRC) and State Taxation Administration of The People's Republic of China. In one case, if the property owner gives the property to others free of charge, the personal income tax will be calculated and paid according to the "accidental income" item, and the applicable tax rate is 20%. In another case, the house gift and house inheritance between immediate family members are exempt from personal income tax.
In short, under the new provisions of relevant laws in China, the gift and inheritance of real estate can be directly tax-free. In other words, the house gift and house inheritance between immediate family members can be exempted from personal income tax, but it should be noted that not collecting a tax does not mean that there is no tax.
Second, there are three major restrictions on the inheritance of real estate, and the only child may not be able to inherit them all.
1, inherited by law.
On the inheritance of real estate, China also has relevant legal provisions. If there are no accidents, the inheritance of real estate shall be carried out in accordance with the statutory inheritance, and the successor in the first order shall inherit it. If there is no first heir, it can be inherited by the second successor. Among them, spouse, children and parents are the first heirs; Brothers and sisters, grandparents and grandparents are the second order of inheritance.
The deceased can't inherit the inheritance before his death.
In other words, since it is inheritance, the first premise is that inheritance can only be said after the death of the decedent. In a word, the first condition of property inheritance is that the decedent has died. If the decedent gives the property right to the designated heir, such as spouse and children, it can only be regarded as a gift at this time, because inheritance has not yet begun.
3. The heir is the legal heir.
It doesn't mean to call anyone an heir, then he must be an heir. First of all, this person must be the legal heir. The second condition of property inheritance is that the heir is the legal heir of the decedent. If the decedent assigns the property to someone other than the legal heir, it can only be counted as inheritance, not inheritance.