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Tax implications of giving a gift to my wife / child?

Posted 23 June 2015 under Tax Questions



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Zed says:
25 May 2015 at 21:41

I am married by Anti Nuptual Contract (ANC) without accrual. I would like to give a gift to my wife of R500k. Is this taxed? Do I have to make any declaration to Sars? If so, when must this be made?

Can I give a gift / donation to my child? Are there limits, and what is the procedure?

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TaxTimTaxTim says:
26 May 2015 at 22:55

No you do not need to worry about transfers between husband and wife, they are never subject to tax. You and your wife can each donate R100 000 a year in total to anyone you chose, any amounts over that are subject to donations tax of 20%.


Zed says:
27 May 2015 at 21:23

Thanks for the response TaxTim. Just to confirm - Is there any declaration required (from myself or my wife) for the gift to my wife?


TaxTimTaxTim says:
27 May 2015 at 22:54

No there is not for you. However she would need to declare that she received a donation in her return under the Amounts not considered taxable section.


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