I wish to have a property of my parents transferred to myself and the transaction to be concluded using an interest free loan from my parents. I then wish for them to write the loan off annually with the full amount that is allowed by tax, they are married in COP.Will this be possible?The value of the property is R1,5mil - municipal valuationWill there be any additional taxes on such a transaction?
Your parents can each donate to you R100 000 tax free per year regardless of being married in community or property. They should however charge a nominal interest on the loan other there would be further tax on that. Your parents are still disposing of an asset and need to pay CGT on the difference between the value and the cost.
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