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Inheritance and bestowal
Written by Kim, Chang Jin CTA
Translated by Park, Eun Kyung
Let me discuss with prevalent view on inheritance and bestowal.
First. Bestowal : deduction amount is small.
Inheritance : deduction amount is large.
Deductionamount between spouse for bestowal: 600 million.
Directancestor and direct descendant for bestowal : 50 million (minors : 20 million).
Inheritance:total children deduction: 500 million, spouse: 500 million.
Ifinheritance starts within 10 years after bestowal, bestowal asset amount isadded in inheritance amount.
Second is that one householder has two houses and give one house to children.
Inthis case parents pay bestowal tax but having benefit on non taxation for onehouseholder-one house.
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