Hide
Earn under R350,000? Click here to see why you still need to file to get your Tax Refund.
CLOSE
Get SARS Tax Deadlines in your Inbox
 

We'll tell you when you need to file, along with tax tips and updates.
Try Tim Now

Cash gifts from parents

Posted 7 July 2015 under Tax Questions


Hello.
Is it me you're looking for?
I'll help you do your Tax Return with Confidence
Quickly, Easily
And Correctly
Do your own
Tax Online with Expert Help from Me, Step-by-Step.
LEARN MORE

Blog Categories


Ask TaxTim

Got a question you want answered about tax?

Visit our helpdesk →
FC says:
6 July 2015 at 15:53

Hi there,

I get monthly support from my parents that is around R10,000 a month on top of my income. Do I have to declare this and is it taxable?

Thank you.

This entry was posted in Tax Questions and tagged . Bookmark the permalink.

TaxTimTaxTim says:
6 July 2015 at 21:38

It is not taxable no, but if it is support money as you are not financially secure yourself then you will not need to declare this. How old are you?


FC says:
6 July 2015 at 22:43

I am 24?


TaxTimTaxTim says:
7 July 2015 at 12:28

Assuming your parents assist you financially then there will not be any tax paid on this amount.


Get SARS Tax Deadlines in your Inbox
 

We'll tell you when you need to file, along with tax tips and updates.

Blog Categories


Ask TaxTim

Got a question you want answered about tax?

Visit our helpdesk →

Hello.
Is it me you're looking for?
I'll help you do your Tax Return with Confidence
Quickly, Easily
And Correctly
Do your own
Tax Online with Expert Help from Me, Step-by-Step.
LEARN MORE