I am receiving R 800 000 from my uncle, as part of an inheritance. Will I have to pay tax on this. I would like to invest it where I will receive a monthly interest that I can use, will I be taxed on this monthly amount. If so how much?
Yes I do, have a full time job. The interest will exceed the annual exemption amount.
Can you advise the tax rate charge on the interest earned thereafter?
TaxTimsays: 2 September 2015 at 22:26
The interest (less the exempt portion) will be added to your normal salary and will be taxed at your marginal tax rate per the PAYE tax tables for individuals. You can make use of our Income tax calculator to find out how much tax you will pay on your salary and interest.
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