Gifting versus Sale.

Novice Tax Expert (Business Professional) (60 Points)

29 October 2010  

 

Dear Friends,

I need to settle a property matter within the family and thereof I am "Gifting" my property to a blood relative and simultaneously receiving money as "Gift" from the same blood relative. Will this be understood as a sale transaction by the Tax authorities - How will the Tax authorities cross check the two transactions to establish it as a Sale Transaction?

Thanks