Hi all, thanks for all of the great info here.
I am looking at purchasing an used house and wanting to get information about the gift tax exemption for purchasing a house.
My father-in-law would like to support my wife and I with a 3.1m gift, which is the limit to get a tax exemption from the govt. However, my wife did some searching and it seems since the house we are looking to buy is 255sqm that his gift would be subject to taxation since the size of the house exeeds 240sqm.
I looked around on the internet for this info, but could find none. Would really appreciate if someone could direct me to this rule. Thanks in advance!
by Denamakesmoves