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Help with overseas incoming money as cash gift

Posted 15 July 2014

I have just received two overseas payments as gifts from my boyfriend's family overseas. The first amount was under R4000 in June and the second was under R9000 now in July. The bank has told me SARS now has the right to look into it. This had made me nervous.

Do I have to now pay SARS money what is the process?

TaxTim Marc TaxTim Marc said:
15 July 2014 at 16:42

you will not have to pay tax on this amount, the bank is just informing you that SARS could require proof of where this comes from.

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