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How much of the inheritance should I allocate for personal income tax/estate duty?

Posted 7 February 2014 under Tax Questions



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The lawyer who is finalising my uncle's will / estate said we would all be paid out by the end of Feb. There is no property or anything that is getting transferred only cash payments made to those of us in his will. What tax will I have to pay on it? Is there a limit/bracket/ceiling? and lastly even if we've got a lawyer dealing with it the estate, will the lawyer take care of the estate duty before paying out the beneficiaries?

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TaxTimTaxTim says:
9 February 2014 at 21:34

There is no tax on cash payouts from an estate. If there estate is bigger than R3.5m then any amount over that is taxed at 20%.


Nicci says:
12 February 2014 at 9:10

Thanks guys, I assume I include it under amounts not taxable on my tax return. Is there a code for that?


TaxTimTaxTim says:
12 February 2014 at 10:38

That is correct, there is a space for inheritance for you to complete this information in.


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