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How to legally handle an amount of R500,000 paid to parents for purchase of retirement home.

Posted 15 September 2015 under Tax Q&A


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Robbie says:
11 September 2015 at 11:44

My husband and I are over 75 and because of his health problems have sold our home and bought in a Retirement Estate with Frail care. Our son, has donated R500,000 towards the cost of the unit. He is not resident in S. A. So will not be liable for tax but we have been advised that, he can donate annually, an amount of R100,000 which in 5 years will cover the original amount. Is this correct? We do not pay income tax as our only income is through interest on investments and a small pension received by my husband.

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TaxTim TaxTim says:
14 September 2015 at 8:24

If he is not a tax resident then there is no limit on his donation to you.

Robbie says:
14 September 2015 at 9:55

Thank you for your reply it is appreciated.

TaxTim TaxTim says:
15 September 2015 at 7:25

Only a pleasure!


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