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TRANSFER OF ASSET INHERITED FROM DECEASED ESTATE

1. Acquisition date and acquisition price by beneficiary
Asset Inherited from deceased person
Acquisition date
Acquisition price
i. Gift of an asset on death Date of transfer of asset Market value of the asset as at the date of transfer less the sum referred to under Paragraph 4(1)(a), 4(1)(b) or 4(1)(c) Schedule 2 RPGTA
ii. Acceptance of an asset in place of a money legacy Date of transfer of asset Market value of the asset at the date of transfer or amount of legacy whichever is lower less the sum referred to under Paragraph 4(1)(a), 4(1)(b) or 4(1)(c) Schedule 2 RPGTA
ii. Transfer of asset to legatee by executor (irrespective whether he himself is a legatee or not) or by the trustee of a trust created under a will Date of transfer of asset Market value of the asset as at the date of transfer less the sum referred to under Paragraph 4(1)(a), 4(1)(b) or 4(1)(c) Schedule 2 RPGTA
2. Acquisition date and acquisition price by executor of a deceased estate
The date of acquisition of the asset by the executor is deemed to be as at the date of death of the deceased. The acquisition price is the market value of the asset as at the date of death less the sum referred to under Paragraph 4(1)(a), (b) and (c) Schedule 2 RPGTA
3. Devolution of asset of a deceased person on his executor or legatee
In the case of devolution of asset of a deceased person to his executor or legatee, the disposal price is deemed to be equal to the acquisition price under the Paragraph 3(1)(a) Schedule 2 RPGTA. Therefore, the transaction is not taxable..

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Updated : : 2019-08-22 11:32:44

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