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V1030-20 ·24 April 2020 ·consulta-vinculante Medium impact
Tax

Inherited assets do not need to be declared for Income Tax purposes

A taxpayer inquired whether they must include assets for which they have become a usufructuary following their spouse's death in their Income Tax return. The Directorate General of Taxes (DGT) responded that acquisition through inheritance is not subject to Income Tax, as it is taxed under Inheritance and Gift Tax.

In 5 key points

How it affects those involved

This clarification confirms that the transfer of assets via inheritance is exempt from Income Tax (IRPF) to avoid double taxation, as these transactions fall under the scope of Inheritance and Gift Tax.

Lifecycle

2020-04-24PublishedPublished in the BOE
Official text Based on BOE data (boe.es). Information, not advice.

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This analysis is informational only and does not constitute legal advice or create a client-adviser relationship. BM Consulting.
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