Legal Dictionary of Pakistan
Quick lookup for English, Urdu, and Latin legal terms used in Pakistani jurisprudence.
split gift
See GIFT.
split gift.
Tax. A gift that is made by one spouse to a third person and that, for gift-tax purposes, both spouses treat as being made one-half by each spouse; a gift in which the spouses combine their annual gift-tax exclusions. ( A split gift, for example, is eligible for two annual exclusions of $10,000 each, or a total of $20,000 for one gift. See annual exclusion under EXCLUSION (1). - Also termed gift splitting; gift-splitting election.