Personal Income Tax when Receiving a Land Use Right as a Gift is Determined Based on Market Price or Land Price Table?

Point c1 Clause 1 Article 16 Circular 111/2013/TT-BTC stipulates the tax basis for income from inheritance and gifts as follows:

Taxable income from receiving inheritance or gifts is the value of inheritance or gifts exceeding 10 million VND per receipt. The value of inherited or gifted assets is determined for each case. Specifically:

For inherited or gifted real estate: the value of real estate is determined as follows:

- For real estate, which is the value of the land use right, the value of the land use right is determined based on the Land Price Table issued by the Provincial People's Committee at the time the individual undertakes the procedure for registering the right to use the real estate.

- .......

Thus, the value of the land use right for the calculation of personal income tax (PIT) is determined based on the Land Price Table issued by the Provincial People's Committee at the time you undertake the procedure for registering the right to use the land.

Sincerely!