This gives money to a child (hacienda through) for the entrance of a mortgage

Paternal aid is one of the most common ways to get enough money for the mortgage entry.A contribution that, on the other hand, must be produced following a series of steps.Fotocasa's blog gives the keys to this contribution.

In the event that this contribution is a loan, that is, the child will have to return it;This is an operation that is exempt from the ITP (patrimonial transmissions tax).Of course, tax self -assessment (model 600) must be presented specifying that the operation is a loan between individuals.The deadline to present it is 30 days since the money is received.

This procedure must be formalized through a contract, which specifies that the money received must be returned within a certain period.In addition, the interest of the loan of parents to children to buy a home can be 0%, which must be specified in the contract.

If this help is going to be a donation, the child will have to declare the money donated to the Treasury, which must pay the donation tax for the amount received within 30 days after the reception of the money.The model to be delivered to the Tax Agency to declare a donation is 651.In addition, it is worth mentioning that this donation is formalized in a public deed before a notary, in which the conditions of the operation must be indicated, such as bank accounts both of origin and destination or the donated amount.