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Income from car sold, in behalf of someone else

Posted 18 November 2015

Davie says:
18 November 2015 at 8:14

I bought a car for my mother as she is not credit worthy. She sold her old car and that money was paid into my bank account. I use that money and an extra R20 000 to pay of on the new car. How do I declare that income on my IT12?

TaxTim TaxTim says:
18 November 2015 at 11:16

Sales of cars are not taxable as they are personal assets and excluded from Capital Gains Tax. Therefore, no need to declare the proceeds on your Tax Return.

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