Tax and inheritance

[Alton Turner Blackwood]

Hi all

I happen to be getting and small inheritance from my grandfather's estate and would just like to know what the tax implications on inherited money are.

Ta

 

[MagicDude4Eva]

Depends on the amount and if it is part of an estate or granted via a will. Typically an estate is wound up by an executor in any case - I found that inheritance can become quite messy.

Found this: http://www.sars.gov.za/ClientSegments/Individuals/Tax-Stages/Pages/Tax-and-Inheritance.aspx

 

[Alton Turner Blackwood]

Depends on the amount and if it is part of an estate or granted via a will. Typically an estate is wound up by an executor in any case - I found that inheritance can become quite messy.

Found this: http://www.sars.gov.za/ClientSegments/Individuals/Tax-Stages/Pages/Tax-and-Inheritance.aspx

Thanks.

I'm specified as a beneficiary in his will (along with each of us grandchildren) its about 65k

I think this pretty much sums it up:
"An asset acquired by a SA resident heir by inheritance from a SA resident or non-resident deceased estate is a what is described as a ‘capital receipt’ and is therefore not included in the heir’s gross income. In South Africa, there is therefore no tax payable by the heirs who get an inheritance. Capital Gains Tax (CGT) is also not payable by the recipient of an inheritance. Estate Duty and CGT, where applicable, are usually payable by the estate."