Under Section 102 of the Act, a person who derives a capital gain from the realisation of a chargeable asset shall within thirty days after the realisation furnish the Commissioner with a return using the appropriate return form viz I.T.Form 305.

A person is not required to furnish a return of capital gain during a year of assessment where in total the capital gain derived or received in Ghana in that year does not exceed the threshhold of GH¢50.
Chargeable Assets under the Act means:- any of the following assets

•  buildings of a permanent or temporary nature situated in Ghana

•  business and business assets, including goodwill, of a permanent establishment situated in Ghana.

•  land situated in Ghana

•  shares of a resident company

•  part of or any right or interest in or over any of the assets referred to in (i) – (iv)

Any of the above mentioned assets located outside Ghana and owned by a resident person.

RETURN OF TAXABLE GIFTS

Taxable gift under the Act means any of the following assets situated in Ghana.
A:

• buildings of a permanent or temporary nature

• land

• shares, bonds and other securities

• money, including foreign currency

• business and business assets

• any means of transportation land, air or sea

good or chattels not included in (vi) part of or any right or interest in or over any of the assets mentioned.


B: an asset or a benefit, whether situated in Ghana or outside Ghana received by a resident person
as a gift by or for the benefit of that person,

C: an asset whether, situated in Ghana or out side Ghana, received by or for the benefit of a resident
person as a gift where the asset has been or is credited in an account or has been or is invested,
accumulated, capitalized or otherwise dealt with in the name of or on behalf of or at the direction
of that person, or

D: a favour in money or money's worth or a consideration for an act or omission or the forbearance
of an act or omission that ensures for or to the benefit of a resident person.


FURNISHING OF RETURN

A person who receives a taxable gift shall within thirty days of receipt, furnish the Commissioner with a return in writing containing the following information:-

1. the description and location of the taxable gift
2. the total value of the gift, how it is calculated and tax payable with respect to that gift
3. the full name and address of the donor of the gift; and
4. any other information required by the Commissioner.

A person is not required to furnish a return if the taxable gifts received by that person during the same year of assessment does not exceed in total GH¢50.

FAILURE TO FURNISH A RETURN

Any company which fails to furnish a return of income within the time required under the Act shall pay a penalty of GH¢12 for each day the default continues. Any self-employed person who fails to furnish a return of income within the time required under the Act shall pay a penalty of GH¢6 for each day the default
continues.