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Donation from brother, how is this taxed?

Posted 17 November 2013

My wife's father died last year, and her brother was the only person in the will, so he inherited all the money. He decided to split the money with my wife and gave her R290 000, paid into her bank account. The brother did not submit an IT144. What does SARS want to see on my wife's ITR12 now when she submits in November. Also how much tax is due, and who must pay it?

TaxTim TaxTim says:
17 November 2013 at 21:51

Her brother needs to submit the IT144 and declare the donation which will be calculated at R290 000 - R100 000 (this is the tax free amount allowed for donations per year. So R190 000 x 20% which is R38 000, otherwise she will have to submit an IT144 for the declaration of this amount. She must file the separate return or else she will taxed on the full amount at her marginal rate of tax.

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