I have requested property owned by my husband to be transferred into my name. However, I have capital invested in the property - and can cover the outstanding bond installment. My husband suggested that he donates property to me - our bookkeeper said it has huge tax implication. I checked this through your column - and told him the contrary. He has now replied that he is trying to get a tax clearance - how long should this take? It has been over 4 weeks?
There are not tax implications when spouses donate to one another, it is exempt from tax on donations. Tax Clearance should take a few minutes assuming that everything is in order and all tax returns and monies are up to date.
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