Question Tag: Gift tax

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PT – Nov 2024 – L2 – Q4b – Tax Implication of Gift under Income Tax Act

Advise on the tax implications of receiving a gift from a spouse under the Income Tax Act.

Question

Madam Tanaa is an employee of Tapoli Brewery Ghana LTD. Her husband, who is a retired staff of Tapoli Brewery LTD, gifted her a brand-new Toyota Camry costing GH¢270,000 on their 20th wedding anniversary. Madam Tanaa is worried about the tax implication of the gift and has approached you as a student learning tax at the Institute of Chartered Accountants, Ghana.

Required:
Advise Madam Tanaa on the tax implications of the gift of a Toyota Camry she received from her husband on their wedding anniversary, including the various options available to her.

Answer

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Tags: Gift tax, Income Tax, Spousal Gifts, Tax Exemptions, Tax Reliefs
Level: Level 2

Topic: Income Tax Liabilities
Series: Nov 2024

PT – Nov 2023 – L2 – Q5d – Income Tax Liabilities

Explain the tax treatment for the gift of a vehicle received by a business under the Income Tax Act.

Question

Bansey Enterprise received a vehicle from Unilever as the best distributor of Unilever products.

Required:
Explain to the Managing Director of Bansey Enterprise how to treat the gift of the vehicle for tax purposes. (5 marks)

Answer

Find Related Questions by Tags, levels, etc.

Tags: Business Gifts, Business Profits, Corporate Tax, Gift tax, Income Tax Act
Level: Level 2

Topic: Corporate Tax Liabilities
Series: NOV 2023

PT – Nov2019 – L2 – Q5c – Income Tax Liabilities

This question asks to determine any tax payable and comment on the relevant tax implications of gifts received by Madam Okailey.

Question

Madam Okailey Armah, a prominent market queen and Philanthropist, was nominated Asafouakye of Namoale Traditional Area in Accra in January 2018. At her out-dooring in August 2018 as Naa Okailey Tsofatse II, she sat in state and received homage and gifts from her people, friends, and business associates. The following were the quantifiable gifts she received:
GH¢
Market Queens Association 1,000
Commercial Bank (Pick-Up) 5,000
Namoale Traditional Council 500
Father-in-Law 500
Anonymous admirer
1,000
A week after her out-dooring,
she made the following donations:
Osu Children’s Home Pick-Up Vehicle
GH¢
Children’s Hospital (Accra) 1,000
Weija Leprosarium 500
Children’s Ward Korle Bu (Assorted Biscuits) 200
Thanksgiving Offering (Freeman Memorial Church, Bukom) 200

Determine any tax payable and briefly comment on the relevant tax implications.
(5 marks)

Answer

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Tags: Gift tax, Gifts, Philanthropy, Taxation
Level: Level 2

Series: NOV 2019

PT – May 2020 – L2 – Q5b – Special considerations for taxation of gifts and capital allowances.

This question asks to compute the tax payable by Mr. Nyametse John on gifts received from his pastor in 2018, considering the exchange rate for foreign currency.

Question

Mr. Nyametse John is a member of Community Christ Church. Mr. Nyametse does not run a business, nor is he employed. In the 2018 year of assessment, he received the following from his Pastor, who just returned from the United Kingdom:

Item Value (£)
Wristwatch 100
Shoes 120
Mobile Phone 150
Exchange rate: GH¢6 – £1

Required:
Compute any tax payable for the 2018 year of assessment. (5 marks)

Answer

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Tags: Ghana Revenue Authority, Gift tax, Gifts, Income Tax, Non-resident
Level: Level 2

Topic: Income Tax Liabilities
Series: MAY 2020

PT – July 2023 – L2 – Q5c – Income Tax Liabilities

State the details required for a taxpayer to file a return when receiving a gift.

Question

When a gift is received by an individual, and that gift is not in respect of business and employment, the taxpayer shall within 21 days of receiving the gift submit to the GRA in writing a return containing certain information.

Required:
In reference to the above statement, state FOUR (4) details the taxpayer must provide when filing a return for a gift.

Answer

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Tags: Gift tax, Tax Filing, Taxpayer Responsibilities
Level: Level 2

Topic: Income Tax Liabilities
Series: JULY 2023

PT – May 2021 – L2 – Q5c – Income Tax Liabilities

Compute the gift tax payable by Madam Gifty Kums based on gifts received during her vetting.

Question

Madam Gifty Kums was appointed a Minister of State in 2018. On the occasion of her vetting by Parliament, she received the following gifts:

Cash donation amounting to GH¢80,000 from her party foot soldiers within her constituency.
A Toyota Land Cruiser worth GH¢1,000,000 from the Chief of her village.
Cash of US$20,000 from her mother-in-law in Afghanistan (GH¢1 = US$5).

Required:
Compute the gift tax payable by Madam Gifty Kums.

Answer

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Tags: Foreign Currency, Gift tax, Minister of State, Tax computation
Level: Level 2

Series: MAY 2021

PT – Aug 2022 – L2 – Q5d – Income Tax Liabilities

Explain how gifts received not related to employment or business are taxed under the Income Tax Act.

Question

An individual who is required to furnish the Commissioner-General (CG) with a return in relation to a gift has to do so to enable the CG subject it to appropriate tax.
Required:
Explain the treatment of a gift not received under employment or business.

Answer

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Tags: Business income, Employment Income, Gift tax, Income Tax
Level: Level 2

Topic: Income Tax Liabilities
Series: AUG 2022

PT – Nov 2021 – L2 – Q5c – Taxation of Capital Gains

Compute the appropriate tax for gifts received by Flowqueen for the 2020 year of assessment.

Question

Flowqueen, a sole proprietor of Freddy Ent, was adjudged the best distributor of Mino Ltd for the year 2020 and received the following gifts:

70 Inches Samsung LED valued at GH¢50,000 from Freddy Ltd.
Toyota saloon car worth GH¢80,000 from the clients of Freddy Ltd.

Her income from the business for the 2020 year of assessment amounted to GH¢120,000.

Required:
Compute the appropriate tax or taxes of Flowqueen for the 2020 year of assessment.

Answer

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Tags: Business income, Capital gains tax, Gift tax, Sole Proprietor, Tax computation
Level: Level 2

Topic: Taxation of Capital Gains
Series: NOV 2021

PT – Mar 2024 – L2 – Q5c – Income Tax Liabilities

Explain the tax treatment of a gift received.

Question

What is the tax treatment of a gift received?

Answer

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Tags: Gift tax, Income Tax, Income Tax Act, Tax Treatment
Level: Level 2

Topic: Income Tax Liabilities
Series: MAR 2024

AT – Nov 2015 – L3 – Q3c – Business income – Corporate income tax

Explanation of the tax implication of a land gifted under a will.

Question

Kwame Patapaa has written in his Will that a parcel of land located in Kasoa should be given to his friend Adongo Muda upon his death in his Will. He is, however, not sure of the tax implication of this transaction and has approached you for assistance in this direction.

Required:
Detail out your response to this question.

Answer

Find Related Questions by Tags, levels, etc.

Tags: Gift tax, Land, Tax Exemptions, Wills
Level: Level 3

Topic: Business income - Corporate income tax
Series: NOV 2015

PT – Nov 2024 – L2 – Q4b – Tax Implication of Gift under Income Tax Act

Advise on the tax implications of receiving a gift from a spouse under the Income Tax Act.

Question

Required:
Advise Madam Tanaa on the tax implications of the gift of a Toyota Camry she received from her husband on their wedding anniversary, including the various options available to her.

Answer

Find Related Questions by Tags, levels, etc.

Tags: Gift tax, Income Tax, Spousal Gifts, Tax Exemptions, Tax Reliefs
Level: Level 2

Topic: Income Tax Liabilities
Series: Nov 2024

PT – Nov 2023 – L2 – Q5d – Income Tax Liabilities

Explain the tax treatment for the gift of a vehicle received by a business under the Income Tax Act.

Question

Bansey Enterprise received a vehicle from Unilever as the best distributor of Unilever products.

Required:
Explain to the Managing Director of Bansey Enterprise how to treat the gift of the vehicle for tax purposes. (5 marks)

Answer

Find Related Questions by Tags, levels, etc.

Tags: Business Gifts, Business Profits, Corporate Tax, Gift tax, Income Tax Act
Level: Level 2

Topic: Corporate Tax Liabilities
Series: NOV 2023

PT – Nov2019 – L2 – Q5c – Income Tax Liabilities

This question asks to determine any tax payable and comment on the relevant tax implications of gifts received by Madam Okailey.

Question

Determine any tax payable and briefly comment on the relevant tax implications.
(5 marks)

Answer

Find Related Questions by Tags, levels, etc.

Tags: Gift tax, Gifts, Philanthropy, Taxation
Level: Level 2

Series: NOV 2019

PT – May 2020 – L2 – Q5b – Special considerations for taxation of gifts and capital allowances.

This question asks to compute the tax payable by Mr. Nyametse John on gifts received from his pastor in 2018, considering the exchange rate for foreign currency.

Question

Item Value (£)
Wristwatch 100
Shoes 120
Mobile Phone 150
Exchange rate: GH¢6 – £1

Required:
Compute any tax payable for the 2018 year of assessment. (5 marks)

Answer

Find Related Questions by Tags, levels, etc.

Tags: Ghana Revenue Authority, Gift tax, Gifts, Income Tax, Non-resident
Level: Level 2

Topic: Income Tax Liabilities
Series: MAY 2020

PT – July 2023 – L2 – Q5c – Income Tax Liabilities

State the details required for a taxpayer to file a return when receiving a gift.

Question

Required:
In reference to the above statement, state FOUR (4) details the taxpayer must provide when filing a return for a gift.

Answer

Find Related Questions by Tags, levels, etc.

Tags: Gift tax, Tax Filing, Taxpayer Responsibilities
Level: Level 2

Topic: Income Tax Liabilities
Series: JULY 2023

PT – May 2021 – L2 – Q5c – Income Tax Liabilities

Compute the gift tax payable by Madam Gifty Kums based on gifts received during her vetting.

Question

Madam Gifty Kums was appointed a Minister of State in 2018. On the occasion of her vetting by Parliament, she received the following gifts:

Cash donation amounting to GH¢80,000 from her party foot soldiers within her constituency.
A Toyota Land Cruiser worth GH¢1,000,000 from the Chief of her village.
Cash of US$20,000 from her mother-in-law in Afghanistan (GH¢1 = US$5).

Required:
Compute the gift tax payable by Madam Gifty Kums.

Answer

Find Related Questions by Tags, levels, etc.

Tags: Foreign Currency, Gift tax, Minister of State, Tax computation
Level: Level 2

Series: MAY 2021

PT – Aug 2022 – L2 – Q5d – Income Tax Liabilities

Explain how gifts received not related to employment or business are taxed under the Income Tax Act.

Question

Answer

Find Related Questions by Tags, levels, etc.

Tags: Business income, Employment Income, Gift tax, Income Tax
Level: Level 2

Topic: Income Tax Liabilities
Series: AUG 2022

PT – Nov 2021 – L2 – Q5c – Taxation of Capital Gains

Compute the appropriate tax for gifts received by Flowqueen for the 2020 year of assessment.

Question

Flowqueen, a sole proprietor of Freddy Ent, was adjudged the best distributor of Mino Ltd for the year 2020 and received the following gifts:

70 Inches Samsung LED valued at GH¢50,000 from Freddy Ltd.
Toyota saloon car worth GH¢80,000 from the clients of Freddy Ltd.

Her income from the business for the 2020 year of assessment amounted to GH¢120,000.

Required:
Compute the appropriate tax or taxes of Flowqueen for the 2020 year of assessment.

Answer

Find Related Questions by Tags, levels, etc.

Tags: Business income, Capital gains tax, Gift tax, Sole Proprietor, Tax computation
Level: Level 2

Topic: Taxation of Capital Gains
Series: NOV 2021

PT – Mar 2024 – L2 – Q5c – Income Tax Liabilities

Explain the tax treatment of a gift received.

Question

What is the tax treatment of a gift received?

Answer

Find Related Questions by Tags, levels, etc.

Tags: Gift tax, Income Tax, Income Tax Act, Tax Treatment
Level: Level 2

Topic: Income Tax Liabilities
Series: MAR 2024

AT – Nov 2015 – L3 – Q3c – Business income – Corporate income tax

Explanation of the tax implication of a land gifted under a will.

Question

Required:
Detail out your response to this question.

Answer

Find Related Questions by Tags, levels, etc.

Tags: Gift tax, Land, Tax Exemptions, Wills
Level: Level 3

Topic: Business income - Corporate income tax
Series: NOV 2015

Question Tag: Gift tax

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PT – Nov 2024 – L2 – Q4b – Tax Implication of Gift under Income Tax Act

Advise on the tax implications of receiving a gift from a spouse under the Income Tax Act.

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PT – Nov 2023 – L2 – Q5d – Income Tax Liabilities

Explain the tax treatment for the gift of a vehicle received by a business under the Income Tax Act.

You're reporting an error for "PT – Nov 2023 – L2 – Q5d – Income Tax Liabilities"

PT – Nov2019 – L2 – Q5c – Income Tax Liabilities

This question asks to determine any tax payable and comment on the relevant tax implications of gifts received by Madam Okailey.

You're reporting an error for "PT – Nov2019 – L2 – Q5c – Income Tax Liabilities"

PT – May 2020 – L2 – Q5b – Special considerations for taxation of gifts and capital allowances.

This question asks to compute the tax payable by Mr. Nyametse John on gifts received from his pastor in 2018, considering the exchange rate for foreign currency.

You're reporting an error for "PT – May 2020 – L2 – Q5b – Special considerations for taxation of gifts and capital allowances."

PT – July 2023 – L2 – Q5c – Income Tax Liabilities

State the details required for a taxpayer to file a return when receiving a gift.

You're reporting an error for "PT – July 2023 – L2 – Q5c – Income Tax Liabilities"

PT – May 2021 – L2 – Q5c – Income Tax Liabilities

Compute the gift tax payable by Madam Gifty Kums based on gifts received during her vetting.

You're reporting an error for "PT – May 2021 – L2 – Q5c – Income Tax Liabilities"

PT – Aug 2022 – L2 – Q5d – Income Tax Liabilities

Explain how gifts received not related to employment or business are taxed under the Income Tax Act.

You're reporting an error for "PT – Aug 2022 – L2 – Q5d – Income Tax Liabilities"

PT – Nov 2021 – L2 – Q5c – Taxation of Capital Gains

Compute the appropriate tax for gifts received by Flowqueen for the 2020 year of assessment.

You're reporting an error for "PT – Nov 2021 – L2 – Q5c – Taxation of Capital Gains"

PT – Mar 2024 – L2 – Q5c – Income Tax Liabilities

Explain the tax treatment of a gift received.

You're reporting an error for "PT – Mar 2024 – L2 – Q5c – Income Tax Liabilities"

AT – Nov 2015 – L3 – Q3c – Business income – Corporate income tax

Explanation of the tax implication of a land gifted under a will.

You're reporting an error for "AT – Nov 2015 – L3 – Q3c – Business income – Corporate income tax"

PT – Nov 2024 – L2 – Q4b – Tax Implication of Gift under Income Tax Act

Advise on the tax implications of receiving a gift from a spouse under the Income Tax Act.

You're reporting an error for "PT – Nov 2024 – L2 – Q4b – Tax Implication of Gift under Income Tax Act"

PT – Nov 2023 – L2 – Q5d – Income Tax Liabilities

Explain the tax treatment for the gift of a vehicle received by a business under the Income Tax Act.

You're reporting an error for "PT – Nov 2023 – L2 – Q5d – Income Tax Liabilities"

PT – Nov2019 – L2 – Q5c – Income Tax Liabilities

This question asks to determine any tax payable and comment on the relevant tax implications of gifts received by Madam Okailey.

You're reporting an error for "PT – Nov2019 – L2 – Q5c – Income Tax Liabilities"

PT – May 2020 – L2 – Q5b – Special considerations for taxation of gifts and capital allowances.

This question asks to compute the tax payable by Mr. Nyametse John on gifts received from his pastor in 2018, considering the exchange rate for foreign currency.

You're reporting an error for "PT – May 2020 – L2 – Q5b – Special considerations for taxation of gifts and capital allowances."

PT – July 2023 – L2 – Q5c – Income Tax Liabilities

State the details required for a taxpayer to file a return when receiving a gift.

You're reporting an error for "PT – July 2023 – L2 – Q5c – Income Tax Liabilities"

PT – May 2021 – L2 – Q5c – Income Tax Liabilities

Compute the gift tax payable by Madam Gifty Kums based on gifts received during her vetting.

You're reporting an error for "PT – May 2021 – L2 – Q5c – Income Tax Liabilities"

PT – Aug 2022 – L2 – Q5d – Income Tax Liabilities

Explain how gifts received not related to employment or business are taxed under the Income Tax Act.

You're reporting an error for "PT – Aug 2022 – L2 – Q5d – Income Tax Liabilities"

PT – Nov 2021 – L2 – Q5c – Taxation of Capital Gains

Compute the appropriate tax for gifts received by Flowqueen for the 2020 year of assessment.

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PT – Mar 2024 – L2 – Q5c – Income Tax Liabilities

Explain the tax treatment of a gift received.

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AT – Nov 2015 – L3 – Q3c – Business income – Corporate income tax

Explanation of the tax implication of a land gifted under a will.

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