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Gifts from overseas into SA bank account

Posted 6 April 2015

C said:
26 March 2015 at 12:32

I'm a non-South African citizen on a temporary visa. What are the regulations when my parents send money gifts from Europe into my South African bank account? Is there a limit before I need to pay tax on the money? Why does the bank always call you to ask what it's for?

TaxTim Marc TaxTim Marc said:
26 March 2015 at 19:40

There are no tax consequences of this - the bank needs to know for Exchange Control purposes, but this is not a tax query.

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