๐ Gift Tax Deduction Guide
๐ Gift Asset Deduction Limits (10-Year Cumulative)
There is no tax up to the following amounts when aggregating gifts received over 10 years.
๐ Spouse:
600 Million KRW
๐ต Lineal Ascendants (Parents, Grandparents):
50 Million KRW (20 Million for minors)
๐ถ Lineal Descendants (Children, Grandchildren):
50 Million KRW
๐ค Other Relatives:
10 Million KRW
๐
๐ก Marriage/Birth Gift Deduction (New)
From 2024, if you receive a gift from a lineal ascendant within 2 years before/after marriage registration or child birth, an additional 100 Million KRW (Total 150 Million KRW) is deducted besides the basic 50 Million KRW deduction.