①With regard to gift tax for a year on property that a person electing settlement taxation at inheritance prescribed in Article 21-9, paragraph (5) of the Inheritance Tax Act (referred to as a "person electing settlement taxation at inheritance" in paragraph (3)) has acquired during that year, on or after January 1, 2024, by gift from the specified donor prescribed in paragraph (5) of that Article (referred to as the "specified donor" in paragraph (3)), notwithstanding the provisions of Article 21-11-2, paragraph (1) of that Act, 1,100,000 yen is deducted from the taxable value for gift tax.

②The amount deducted pursuant to the provisions of the preceding paragraph is deemed to have been deducted pursuant to the provisions of Article 21-11-2, paragraph (1) of the Inheritance Tax Act with regard to the application of the provisions of the Inheritance Tax Act and other laws and regulations concerning inheritance tax or gift tax.

③The calculation of the amount to be deducted from the taxable value pertaining to property acquired by gift from each specified donor in the case where there are two or more specified donors pertaining to the person electing settlement taxation at inheritance referred to in paragraph (1) is specified by Cabinet Order.