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Jessie says: 24 June 2015 at 14:33 I am 68 years old. My son has offered to gift me R3000 per month on an ongoing basis to help me out with my living costs. Will this have any tax implications for either him or me? Do either of us need to declare this amount on our tax returns? |
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TaxTim says: 24 June 2015 at 14:53 No, he is supporting you as a financial dependent and there will not be any tax consequences. |
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Jessie says: 24 June 2015 at 17:04 Many thanks. Will either my son or I need to declare these amounts on our tax returns? |
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TaxTim says: 24 June 2015 at 17:10 No, this is not a normal donation made to you, but as you are financially dependent on him it would be alright not to declare it. |
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Jessie says: 25 June 2015 at 9:57 Many thanks indeed! |
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TaxTim says: 25 June 2015 at 15:27 Only a pleasure! |
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