The Liberal Democratic Party's housing and land research panel adopted Friday a proposal to change the gift tax scheme to benefit home buyers and promote housing demand as part of the party's measures to fight deflation.
Under the proposal, the nontaxable limit for a financial gift will be raised from the current 5.5 million yen to 30 million yen when it is provided to help acquire homes, as a five-year temporary step.
The panel said the increase in the nontaxable amount would be an incentive for parents of potential home buyers to give them money to help them buy homes, thus spurring housing demand and boosting the economy.