Gifts of property are subject to Capital Gains Tax. This is imposed on all benefits that arise or are treated as arising from the gift. If a gift is given to a close relative, the market value of the property replaces the amount actually paid and CGT is charged on the profit deemed to be accrued.
The original property price of an asset less accumulated depreciation and accumulated impairment losses is the carrying amount of the asset. Subtract this book value from the selling price of the asset. If the rest is positive, it's a win.
In general, we recommend that property sell your assets so that you can absorb any tax losses. After that, you can donate the proceeds. Capital losses can offset capital gains, and losses of up to can offset other types of income, such as income.
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