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Detail required on tax payable on property donation

Posted 21 January 2016

Conrad said:
20 January 2016 at 15:33

My father has an un-bonded property (house) which he wants to donate to me (his son). 20% tax is payable on the value. When and by which individual is this payable? How is the property valuated, and by whom?

TaxTim Marc TaxTim Marc said:
21 January 2016 at 8:31

You would need to get the property valued by an estate agent or similar professional. You would need to file a Donations Tax tax return and he would have to pay the 20% to SARS when the donation is made.

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