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Gift Taxation

Posted 19 August 2014

Is a gift of money given from Mother to Son regarded as a donation?
Is any amount exceeding R100,000 given as a gift taxable?
Does the SARS rules re Donations and Gifts also apply to moving money from one offshore bank account to another family members offshore bank account? This money was taken out legally.
Do you have to declare a Donation or a Gift of R100,000 on your Income Tax Return and, if so, under which section?

TaxTim TaxTim says:
20 August 2014 at 21:42

South African residents are taxed at 20% on all donations over R100 000 in a particular year. There is a specific tax return that is completed for this process and this is completed by the donor.

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