Understanding Borrowed Money vs Gift Tax in Financial Transactions between Parents and Children
Money Today Sejong = Reporter Sejoong Oh | 2023.04.29 07:21 Lim Jong-cheol, design reporter. /Photo = Designer Lim Jong-cheol In the case of a financial transaction between parents and children, if it is recognized as a borrowed money rather than a gift, there is no need to pay gift tax. According to the ‘Inheritance and … Read more