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TOPIC: Donation/Gift Personal Property

Donation/Gift Personal Property 4 years 4 months ago #15934

  • Rex
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Hi,

I received a large sum of money (Php1,000,000.00) from my parents (I don't know from where it came from, either father or mother). I would like to ask since money is legal tender and personal property. I want to know the legalities involved with regards to this. I know that if it's a gift/donation of immovable, real property, it must be executed in a public document. What if it a donation/gift of money amounting to the sum I previously stated? Since money is personal property (i.e. it's in my bank account right now), does there have to be a legal document related to this, like a deed of donation or a contract? Furthermore, is a donation the same as a gift? My father just told me that it was a gift and issued me a check, but I'm not quite certain if it is actually a gift in legal parlance. I'm just afraid that it might actually be something else, like maybe the money I have isn't actually mine (such as a loan). I'm not a lawyer, that's why I'm asking about what type of legality is involved in this large amount of money. Thank you!
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Donation/Gift Personal Property 3 years 9 months ago #16723

  • Atty. Libayan
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You are ok. Just keep the money. You need not be bound by formalities when it comes to donations of money. There is a need to pay donor's tax though- that is if you really want to go full legal.
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