Why pay back our foreign currency loan?

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The press is loud about foreign currency loans. Specifically, the solution is the early repayment on preferential terms. However, it does not matter how, what lucky debtors can do! Why?

Unfortunately, I cannot promise a secure source of money for anyone. The lucky ones are able to arrange their foreign currency loans from family and friends, thus getting out of the fast-paced taxi wheel. However, they also need to pay attention to how the money gets to them. Why?

The question is how to get the desired amount to the debtor, then from there to the bank, if it is a gift.

The question is how to get the desired amount to the debtor, then from there to the bank, if it is a gift.

You have to pay attention to whether you have to pay a fee when you donate cash.

  In accordance with the Law on Fees, in the case of gift of movable goods, the donated duty is payable in the following cases:

– if a gift was issued, eg have signed a donation contract, or

– in the case of a gift giving, no document has been issued, but the movable value per one donor exceeds HUF 150,000.

Is cash also movable?

According to the law, the concept of movable property includes cash as well, so if you donate cash you have to pay a gift tax. Of course, only if you do not receive the necessary amount of money from your parent, grandparent, or grandchild, since there is no duty to pay.

If a private person receives a deposit placed on a bank account, such as transfers the amount of money from the donor’s own bank account to the private bank account of the person to be donated – the gift is free of charge.

The tax exemption is applicable only if the donating individual transfers to the donated individual the amount intended to be donated to his or her bank account or current account, irrespective of the degree of affiliation.

Be careful, however, because if the donor pays cash to the donor’s account or pays the donated cash for the donated account, then the general rule is that the gift will be taxed. If the donor puts cash on the donated bank account, the exemption is also not applicable. At that time, cash is being donated, cash is considered a movable, and in the case of a gift giving a gift, a specific gift tax is payable depending on the relative degree and the value of the gift.

Before we help or ask for help with repaying our foreign currency loan, think about how! Be sure to check with a specialist!