Reported 8 months ago
The National Taxation Bureau of Southern Area of the Ministry of Finance stated that when declaring inheritance tax, there are often cases of underreporting assets gifted to spouses or children within 2 years prior to death, or mistakenly including the value at the time of the gift in the inheritance declaration. According to the Inheritance and Gift Tax Act, assets given to spouses, children, direct blood relatives, parents, siblings, and grandparents within 2 years before the deceased's death must be considered part of the inheritance and subject to estate tax. The value of these gifts should be based on the price at the time of the deceased's death, not when they were gifted. Failure to declare these gifts correctly can lead to tax implications.
Source: YAHOO