Gift

Business, Legal & Accounting Glossary

Definition: Gift


Quick Summary of Gift


A transfer of an asset such as property or money etc from one person to another where no payment of any kind is given by the receiving person to the donor. Transfers of this kind may be subject to inheritance tax if the value is above a certain amount and to capital gains tax in certain circumstances.




What is the dictionary definition of Gift?

Dictionary Definition


n. the voluntary transfer of property (including money) to another person completely free of payment or strings while both the giver and the recipient are still alive. Large gifts are subject to the federal gift tax, and in some states, to a state gift tax.

  1. Something given to another voluntarily, without charge.
  2. A talent or natural ability.
  3. Something gained incidentally, without effort.

Cite Term


To help you cite our definitions in your bibliography, here is the proper citation layout for the three major formatting styles, with all of the relevant information filled in.

Page URL
https://payrollheaven.com/define/gift/
Modern Language Association (MLA):
Gift. PayrollHeaven.com. Payroll & Accounting Heaven Ltd. September 26, 2021 https://payrollheaven.com/define/gift/.
Chicago Manual of Style (CMS):
Gift. PayrollHeaven.com. Payroll & Accounting Heaven Ltd. https://payrollheaven.com/define/gift/ (accessed: September 26, 2021).
American Psychological Association (APA):
Gift. PayrollHeaven.com. Retrieved September 26, 2021, from PayrollHeaven.com website: https://payrollheaven.com/define/gift/

Definition Sources


Definitions for Gift are sourced/syndicated and enhanced from:

  • A Dictionary of Economics (Oxford Quick Reference)
  • Oxford Dictionary Of Accounting
  • Oxford Dictionary Of Business & Management

This glossary post was last updated: 28th April, 2020 | 0 Views.