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Delta says: 13 October 2015 at 7:19 One of our children, who is working overseas, has recently being sending my wife and I (we are 63 years old) money each month to help with our expenses. Once this overseas money clears the Bank, this financial assistance works out approx. To R25,000 to R40,000 per month (in one instance, an amount was ALSO included for our grandson's annual school fee: R64,000 ) and this works out to approx. R364,000 per annum). We have indicated to the Bank that each of these amounts is being received as a gift. Is this gift taxable, and if so, is there a min and max amount for which it will or will not be classified as an income? |
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TaxTim says: 13 October 2015 at 16:10 Donations above R100,000 per annum are taxable in the hands of the donor at 20%. This applies to donations between SA residents only. Donations from a non-resident to a South African resident does not attract donations tax. Is your child a non-South African tax resident? Am I a tax resident of South Africa? If you submit a Tax Return, these donations should be disclosed as "Amounts not considered Taxable" and they will not attract tax. |
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