Question

What is the tax on money or property that one living person gives to another called

Answer 1

Gift tax is the tax on money or property that one living person gives to another. For example:
The item received after death is called gift tax.
Gift tax are the gifts or items that is given to someone which is exempted in taxes.

Answer 2

Answer: Gift tax

The tax on money or property that one living person gives to another is called gift tax.

Explanation:

Gift tax refers to a type of tax imposed on a person giving something of value to another person. It is a tax on an individual who transfer money or property to another individual without receiving at least equal value in return. The individual who gives the gift out is required to pay the gift tax.