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Selling or gifting real estate is a capital gains tax event (CGT event). Your liability for capital gains tax arises when a CGT event happens to your property.
For most CGT events, your capital gain or capital loss is the difference between your capital proceeds (what you receive when you dispose of the property) and the cost base (your costs of ownership of the property).
However, if you receive nothing in exchange for your property (for example, if you give it away as a gift) you are taken to have received the market value of the property at the time of the CGT event.