Do I have to pay tax on financial support from my family?
By Marc Sevitz · Updated
It would depend on the amount of financial aid they are providing, if it is under R100 000 from each person then there is no tax as this would be a donation. You do not pay tax on receiving donations and individuals can make donations up to R100 000 per tax year without having to pay Donations Tax.
Dear Tim,
Thank you for your prompt and precise response. We are so relieved to finally get a clear answer.
You provide a great service.
Thanks again,
Garth
Thank you for your prompt and precise response. We are so relieved to finally get a clear answer.
You provide a great service.
Thanks again,
Garth
Only a pleasure, very happy I could help and thanks for the compliments!