Transfers from spouse & car sales



Adrian says:
6 October 2020 at 21:20

I have 2 questions

Question 1: My wife sometimes transfers some money into my account to pay a certain bill. The amounts total less than R100,000, it is never anything above that. Do I need to declare this under the TaxTim section question "Did you earn or receive any other money that you think should NOT be taxed?"? Will I be taxed on that amount?

Question 2: I sold my car and bought another car. Do I need to declare the amount I received after settling the remaining installment amount or is it not necessary to do so?

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TaxTim TaxTim says:
7 October 2020 at 22:35

Answer 1: You don't need to declare the money received from your wife.
Donations between spouses are exempt from donations tax.

Answer 2: You also don't need to declare anything related to the car either. Cars are considered personal assets and therefore their disposal would not attract capital gains tax (unless you are in the business of buying and selling cars).




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