Gift Tax Calculator
Calculate gift tax based on amount and relationship.
증여세 내역
증여세 세율 구간
Overview
Gift Tax in South Korea is levied on the recipient when they receive property free of charge. A progressive tax rate of 10% to 50% applies in five brackets after subtracting gift tax exemptions from the assessed value. Exemption limits (cumulative over 10 years) are: KRW 600M for spouses, KRW 50M for adult lineal descendants (KRW 20M for minors), and KRW 10M for other relatives.
Formula
Tax Base = Gift Value - Exemption. Rates: Up to KRW 100M at 10%; 100M-500M at 20% (deduction KRW 10M); 500M-1B at 30% (60M); 1B-3B at 40% (160M); Over 3B at 50% (460M). Tax = Tax Base x Rate - Progressive Deduction.
How to Use
- 1Enter the market value or appraised value of the gifted property.
- 2Select the relationship between donor and recipient (spouse, lineal descendants, other relatives).
- 3Enter any previous gifts from the same person within the past 10 years.
- 4Click Calculate to see the exemption, tax base, and calculated tax.
Tips
- ✔Since exemptions are cumulative over 10 years, spreading gifts over longer periods can significantly reduce tax.
- ✔Real estate gifts are valued at market price when available; otherwise, officially assessed value applies.
- ✔Gift tax must be filed within 3 months from the end of the month when the gift was received.
- ✔Filing on time qualifies you for a 3% filing tax credit on the calculated tax.
- ✔Gifts with assumed liabilities (encumbered gifts) are partly subject to capital gains tax for the liability portion and gift tax for the remainder.
FAQ
Q. What are the gift tax exemption limits?
KRW 600 million for spouses, KRW 50 million for adult lineal descendants, KRW 20 million for minor lineal descendants, and KRW 10 million for other relatives. These are cumulative limits over 10 years from the same donor.
Q. What happens if I don't file a gift tax return?
Penalties include a non-filing surcharge (20%, or 40% for fraudulent cases) plus late payment surcharges. You also lose the 3% filing tax credit.
Q. How is real estate valued for gift tax?
Market value (comparable sales, appraisals) is used in principle. If market value cannot be determined, the officially assessed value applies. For apartments, actual transaction prices from the Ministry of Land are referenced.
Q. What happens when I gift cash to my children?
Adult children receive a KRW 50M exemption over 10 years, minor children KRW 20M. Amounts exceeding the exemption are taxed at progressive rates of 10-50%.
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