Is it possible to give away precious objects without stipulating a public deed? Can you donate the money needed to purchase gold and jewels?
Donation is the contract by which one person enriches another without receiving anything in return. The rule dictates that this agreement, to be legally valid, must be stipulated by the notary, in the presence of two witnesses. However, there are exceptions, one of which is represented by the donation of a movable asset of little value: in this case, the contract is perfected with the simple delivery of the thing. In this context we can ask the following question: Do I need a notary to donate gold and jewels?
In essence, it is a question of understanding whether, out of a pure spirit of liberality, they can be done donate precious goods without resorting to a public act. We will also see if this purpose can be achieved indirectly by donating the money necessary to purchase the valuable object. Let’s delve deeper into the topic.
What is a low value donation?
The donation is from modest value when the donor does not suffer serious impoverishment and, at the same time, the donee does not achieve significant enrichment.
In the event of these circumstances – provided that the object of the donation is a movable good – no neednotarial public deed so that the contract can be considered valid.
According to doctrine and jurisprudence, so that one donation can be considered modest value two distinct criteria must be used:
- one objectivewhich takes into account the intrinsic value of the donated asset;
- one subjectivewhich instead considers the overall economic conditions of the donor in order to evaluate the impact of the donation on them and, consequently, the value of the gifted good.
Consequently, the same donation could be considered to be of modest value if carried out by a millionaire while of enormous value if carried out by a non-wealthy person.
A watch worth a thousand euros can be considered a small gift if given by a wealthy person while it can constitute a significant economic sacrifice if coming from an unemployed person with no assets.
Donation of gold and jewels: is a public deed necessary?
On the basis of what has been said so far, the question that gives the title to this article must be answered: Do I need a notary for donations of gold and jewels?
It depends on the value of the donated good: whether it is costume jewellery, it will certainly not be necessary to resort to the public deed drawn up by the notary; the same thing applies to the donation relating to a very modest quantity of gold (a few grams).
Different conclusions must be reached in the hypothesis in which the gold and jewels given as gifts are real precious: in this circumstance, the donation, to be legally valid, must necessarily end from notaryin the presence of two witnesses.
Otherwise, the donation would be Nothingwith the consequence that the donor could always ask for it return (without prejudice to the effects of adverse possession).
Indirect donation of gold and jewels: is a notary needed?
An alternative to direct donation of gold and jewels would be to match theirs cash valueso that the donee can then purchase them with the sums received as a gift.
In these cases we speak of indirect donationthe most typical example of which is that of the parent’s bank transfer made to the child so that he can purchase a house.
In these circumstances, it is still necessary to resort to a notary for the stipulation of the donation, or the money transfer necessary for the purchase of gold and jewels is not subject to the common donation rules?
According to the Court of Cassation (United Section, sentence no. 18725/2017), money transfers via wire transfer they represent zero donationsif they are not carried out pursuant to a deed.
Exceptions to this principle are: donations of modest value concerning movable property, as clarified above.
However, what has just been said does not apply if, at the time of purchasing the goods with i money received as a donationit is expressly specified in the contract that the purchase takes place thanks to the money donated previously.
In this particular hypothesis – usually applicable in cases of deed for the purchase of a property – the donation of the money necessary for the subsequent purchase does not have to respect the form of a public deed.
In summary: the donation of money made with a bank transfer aimed at purchasing a specific good it is not subject to the obligation of the public deed if, at the time of purchase through a notary’s deed, the donee expressly specifies that the money received as a donation has been used.
Are indirect donations taxed?
With reference to indirect donations, the Court of Cassation (20 March 2024, n. 7442) specified that there is no tax obligation for all indirect or informal donations between parents and children.
To be precise, taxation is triggered only if the donations result from documents subject to registrationif they are registered voluntarily or if, having a value greater than one million eurostheir implementation is declared by the taxpayer in the context of a procedure tax assessment.
For the Supreme Court, therefore, there is no registration obligation of indirect donation.
