On February 2018, Mr. and Mrs.Joso donated a conjugal parcel of land to their son who was getting married within six (6) months after the date of donation. The fair market value of the property at the time of donation was P5,000,000. Its fair market value at the time of marriage was P5,500,000. The donated property was subject to P1,000,000 mortgage which was not assumed by the donee. How much is the net taxable net gift of Mr. Joso?

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Q: conjugal property

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Reasons for Estate Planning

Planning is a process that helps decide in advance about future activities and operations. Planning helps to draft the procedures by identifying, analyzing, and designing how to work, when to work, by whom should be done, and what has to be done. It is the primary step followed by a person, business organizations, institutions, companies, etc.