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Jack says: 22 February 2016 at 15:41 I receive a government pension, interest from investment and income from consultation work. My total income put me in the maximum bracket of the tax tables. My wife receive rental income of less than R10000 a month and pays very little income tax. I am 64 and my wife 60. May I donate an amount of my investment money to my wife (which she will invest). What is the maximum amount that I may donate to her, do I pay tax on the donation and must I declare the donation to SARS? (I struggle with the interpretation of sections 54 - 64 and 7 [especially 7(10)] of the Income Tax Act, 1962). |
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TaxTim says: 23 February 2016 at 10:07 Donations between spouses is exempt from donations tax. Therefore, no tax and no need to declare it. Please read our blog onDonations Tax for further details |
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