My parents who live and work in the UK have given me some money, just under R100,000.00 Essentially this money is support for airfares and expenses incurred due to the illness of a family member overseas, and my need to travel. They transferred it using TT from a UK bank, and this has been automatically flagged by my bank to SARS and FSB etc. Will I be taxed on this 'gift' ?
You should not pay tax on this money provided, if SARS or the Reserve Bank question where it came from your parents can show it was not given to them by a South African, but came from their money or money earned in the UK.
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