Hide
Earn under R350,000? Click here to see why you still need to file to get your Tax Refund.
CLOSE
Get SARS Tax Dates and Deadlines in your Inbox
 

We'll tell you when you need to file, along with tax tips and updates.
Try Tim Now

Tax on inheritance received by an individual

Posted 22 May 2016 under Tax Questions



Blog Categories


Ask TaxTim

Got a question you want answered about tax?

Visit our helpdesk →
JP says:
21 May 2016 at 12:09

I have recently inherited a sum of money from two sources. One, my late mother's estate account via a will and the other, a pension claim from my late mother's pension fund(GEPF). Both these amounts were taxed before they were paid over to me. Both the executors and GEPF submitted tax directives to SARS in order to facilitate the tax payment process before making payment to me. My salary income falls within the necessary category in order to be required to submit a tax return. How will I be taxed this year? given that I have received the two payments mentioned above in lump sum. Will I be taxed on these lump sum amounts again? will they be seen as an additional source of income to my salary and therefore taxed as a cumulative amount?

This entry was posted in Tax Questions and tagged , , , , , , . Bookmark the permalink.

TaxTimTaxTim says:
22 May 2016 at 22:02

Lump sum payments are subject to special tables and the tax is taken off before payment is made to you. These are full and final and you will not be taxed again on these amounts.


Get SARS Tax Dates and Deadlines in your Inbox
 

We'll tell you when you need to file, along with tax tips and updates.

Blog Categories


Ask TaxTim

Got a question you want answered about tax?

Visit our helpdesk →