Kathleen Van Elsacker

The holidays are the perfect opportunity to give your loved ones an extra treat. That envelope of money under the Christmas tree, is it just a little present, or is it actually a taxable gift?

As Belgian resident you are obliged to declare your worldwide income in your Belgian income tax return, which includes income from movable and immovable property, professional and other income. Therefore, Belgian and foreign real estate held by Belgian citizens is to be declared as income from immovable property in their personal income tax return. Only the residential property (‘family residence’) does not have to be declared.