I was hoping for a little assistance with my personal income tax return.
* I am not a salary earner
* I earn rental income and investment income
* I am married (ANC)
I just have the following Questions:
* I purchased a vehicle in the previous tax year with a loan, I paid off the loan completely with money that my husband gave me
* My husband would deposit some money into my account every month.
* I know that Income from a spouse is exempt under S56(1)(a), but what I would like to know is must I declare this money on my Income Tax Return?
* If I need to declare this where on the Tax Return should it be declared?
* What figure should I put for the value of my vehicle under assets, the vehicle was purchased for a price of R 140 200.00.
* Do I need to attach any depreciation to it because I am not a salary earner? ( I assume depreciation does not apply here but there is not much information available for non salary earners)
My main concern is that SARS "super computer" and my income and expenditure may not add up because of the money paid to me from my husband.
Any assistance would be so helpful