Taxation on gifting property or money to your children

Hi folks

I'm having hard time finding answer to this question. If I give property or large amount of money to my children (an adult), is there any tax deduction i can have (is that a 100% capital lossin the case of giving away property like this ) ? and more importantly does my child need to pay tax to receive this property (capital gain tax ?? )or money ?

is the rule different if i send the money from oversea ?

Thank you very much.

Regards

 

My understanding:
Under the capital gains tax legislation, it will be deemed to be disposed of at its market value at date of disposal. This will mean you will be assessed for the taxable capital gain on the sale. If it is your main residence, perhaps this is nil. As such, you will be able to claim no losses and no deductions.
On the other side, it is a capital transaction, so no immediate income tax implications, they will be deemed to receive the property at its market value, which will become their cost base for capital gains purposes later on.
The recipient will still be up for stamp duty for the full market value also I think.
This is of course assuming that there are no mortgages over the property, in which case i dont know of any easy way to do the transfer.