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Cash gifts from parents

Posted 7 July 2015 under Tax Questions


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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.

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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.


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