Why limit tax waiver on bequeathed property?

The transfer for free of immovable property to the child of the deceased should not be delimited to persons below 21 years only.

Editor,

RE: “Government considers taxing sold immovable property” (The New Times, October 31).

 

The transfer for free of immovable property to the child of the deceased should not be delimited to persons below 21 years only.

 

Children and other descendants of a deceased person are heirs, hence proprietors of their parents’ assets. There is no business involved here. However, if the immovable property legacy is sold to a third party, then the law should be applied.

 

My second point is just an advice to law makers: In order to monitor transactions related to sale of immovable properties, payments should be done through financial institutions regulated by the Central Bank.

Jean-Marie

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