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Donor's Tax on Decedent's Estate

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1 Donor's Tax on Decedent's Estate on Thu Jan 17, 2013 5:36 pm


Arresto Menor

I tried to research as much I can sa internet & read some related posts here, but I still have questions.

SITUATION: my father passed away with no Will/Testament and left:
> a share of a parcel of land (owners per TCT ay sya & his siblings)
> money in bank (50% of the joint account with his wife/my Mom) (but actually, pera lahat ng wife ito, naka-joint account lang yung father ko). We declared na sa bank na namatay ang father ko & yung 50% is now frozen/on-hold.

Ginagawa ko ngayon yung exta judicial settlement document and will declare both properties above. Ang balak namin ang share nya ng lupa ay i-donate sa isang child, samantala ang pera ay mapunta sa Mom (as mentioned, it is her money after all). As I understand it, kailangan muna sabihin sa Extra Judicial Settlement kung paano paghatian both yung pera & lupa, bago mag-declare ng donation.

1. Sa lupa, 50% goes to wife. The remaining 50% hatiin equally among the wife & children. Ganun din po ba ang hatian ng pera sa bank? Or pwede na sabihin agad sa document na 100% of the money left by decedent goes to Mom? All children ay legal age na bale.

2. Kung required na hatiin as such muna ang pera, then saka mag-declare ng donation to Mom, is it subject to Donor's Tax, or lupa lang po may ganun?

3. If subject naman po to Donor's Tax yung sa cash in bank, will the tax computation be separate for the cash & lupa, or total value ang pinag-uusapan per donor regardless ng type of donation? Kasi if separate, then exempt sa tax yung donation ng cash.

4. Is there a way within legal limits to execute this such that we don't have to pay for the donor's tax dun sa cash? Sa lupa ok lang naman sa amin to pay the donor's tax.

Kaya po iniisip na mag-declare ng donation on the cash, kasi if hinde then the bank will release the cash according sa hatian, and some of the siblings are no longer in the Philippines. Issuing a cheque sa names nila or electronic transfers to their international bank accounts , then back again to our Mom will incur added charges/cost and baka may talo pa sa currency exchange.

thank you very much po.

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