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Capital Gains Posts in Tax Q&A

Capital Gains Related Posts - Page 9



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Is there income tax payable on interest received from SARS?

Posted 12 August 2015

Is there income tax payable on interest received from SARS?
Which section in the tax act does this come from?

The definition of cost in Assets and Liabilities section of the ITR12?

Posted 11 August 2015

In the completion of the ITR12 assets and liabilities section, SARS are asking for the assets at cost. This is the first time I am submitting assets and liabilities so want to be sure the cost is reflected "correctly". What is the definition of cost, example for a home purchased 20 years ago. The current value or the original price that was paid?

What is an IT3c and where do I put the information on my tax return?

Posted 8 August 2015

I have received a IT3(c) from old mutual
there is a code 4250 on the form. Were do I find the section to complete this on SARS eFiling

Capital gain tax

Posted 7 August 2015

I need to sell shares owned by myself. The 149 shares were bought at R1000. They are now worth R3000 each. What is the tax implication for an individual at February 2016. I am under 65 years of age.

Inheritance, do I pay tax on it?

Posted 5 August 2015

Do I need to declare lump sums that I received from an inheritance? The lump sums were from retirement annuities, a life policy and proceeds from a fixed property that was sold out of the estate. Thank you!

Tax on profit of house sold

Posted 5 August 2015

If a house was sold during the tax year, do you have to declare the profit?

Where do I put IT3c on the taxtim?

Posted 31 July 2015

An IT3c is a Tax Certificate received from an institution such as a bank or financial services,where do I put it on the taxtim?

Investment and capital transfer

Posted 29 July 2015

I have recently got married to a UK national and he is wanting to transfer some funds for an investment in SA. He is going to transfer the funds into my current account which I will then transfer into a unit trust.

Firstly do I need to submit a donations form they have on the SARS website and if it exceeds the R100,000 will it be liable for tax?
Secondly the income from the investment will be paid monthly. If it exceeds the R23,080 annual exemption what is the rate on the excess? Is it still taxable even if it is below R70,000 per year? I have no remuneration just the investment income....

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New home transfer duties

Posted 29 July 2015

We bought a home and was told that we could claim back on the Transfer duty and registration cost that we paid over. Is this possible and how do we do this?

Proceeds on Sale of Shares

Posted 29 July 2015

Do I need to declare the sales of my shares if the gain is less than R1 million?

Capital Gains on SATRIX fund transfers

Posted 29 July 2015

I received my IT/IB 3(b) and IT/IB 3(c) from Satrix. The IT/IB3(c) reflects disposal of Unit Trusts or financial instruments with source code 4250. I did not cash in any of my EFT's but transferred them from one fund to another. Must I still reflect these values in my tax form?

If yes, which figure do I reflect for source code 4250? - weighted average value, Gross Proceeds, Nett gain / loss or weighted average value.

Are transfer fees deductible for purchase of home?

Posted 29 July 2015

Can I deduct fees paid to transfer attorneys and bond attorneys for the purchase of my home? The property is not an investment property, it is my primary residence - I live there.

Can I claim expenses on bond and transfer fees on investment property?

Posted 28 July 2015

My bond was registered for my investment property end April 2014. Please advise if I can claim under expenses incurred all of the bond and transfer fees amounting to R31,336. I called SARS contact centre and the lady advised that I am allowed to do so but from her tone of voice was not 100% certain. I have a reference number for the call whereby she agrees that I can claim as an expense. Please can you advise me as to what I should do?

Investment return tax

Posted 28 July 2015

How much tax will I pay for my investment returns?

Two IT3c certificates - do I use both?

Posted 25 July 2015

I received 2 IT3c forms for the same investment. Do I use both to complete my tax return? One is related to capital gains, source code 4250, and the other to income from investments.

Tax on share sales

Posted 25 July 2015

I have sold some shares, and made a small profit. Reading the rules around tax on shares, I have deemed it to be subject to Capital Gains tax, and not taxable income. Could you please advise where to declare it on my SARS e-filling, under local gain/loss?

I don't see a section where I can write a description or enter a source code. Do I need to declare this amount if it falls within the annual exclusion amount?

How is profit on sale of private vehicles taxed?

Posted 22 July 2015

I bought a used bakkie from a friend at his book value and sold it soon after at a good profit. Will it be taxed under capital gain?

Taxation on foreign bank account

Posted 21 July 2015

I would like to know what are the tax implications on exchange gains/losses on a foreign bank account. I know the interest is taxable but is the gains/losses on the capital from forex taxable?

When do I have to pay CGT?

Posted 20 July 2015

I had a Capital Gain from the sale of shares in April 2014. My tax return is due by November 2015. Is it better to wait until then and pay the tax or make the declaration now and pay now? If I declare now am I obliged to pay tax immediately or is there a penalty if I only pay by November 2015?

Tax on overseas earnings when moving to SA

Posted 17 July 2015

I have been working as a teacher in Dubai for 15 years. Prior to this I lived in the UK since 1984 and I was born there. I lived in SA from 1974 to 1984 as a child and gained SA citizenship, bought property and spent holidays in SA whilst teaching in Dubai. I will now move to live in SA on a permanent basis. My question is whether I will be liable to pay tax on my overseas earnings from March to July 2015 (the month I tax return to SA).

CGT on primary residence previously resided in

Posted 16 July 2015

I own ONE property which I previously resided in (property A). I now rent this property (A) out to other people and reside in a different house which I rent from someone else. I have now sold the property (A).

I owned the property for 9 years of which I resided in it for 6 years (rented out the first year and the last /- two years). Given that it is the only property that I own and I previously resided (Sch8 s44(b)) in it, will the sale qualify for the primary residence exclusion in...

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Capital Gains Tax when you sell a property

Posted 15 July 2015

Hi,
How does Capital Gains Tax work? I sold a property and someone said I should indicate that it was my primary residence although I have another property. The one I sold was being rented out. Surely SARS would be able to see that?
Thanks

Income shown on IRP5 for code 3718 vesting of share

Posted 13 July 2015

I received some share options from my employer that have vested and have been sold. What amount should be shown on my IRP5 under code 3718? Should the amount be the value of the shares when the shares vested or the value of the share when the shares were sold? In my case the difference in the share price between the vesting date and sale date is over R20000.

Allowable deductions on property for tax purposes

Posted 13 July 2015

I bought a property in the previous tax year and paid initiation fees which were included in my bond account. Can I include the initiation fees as bank charges when doing my income tax return? Also the tenant didn't like the color paint in the house and we had to repaint the house can I deduct that cost under repairs and maintenance?

How to prepare statement of personal assets and liabilities for SARS tax return form.

Posted 13 July 2015

How do I create/make a personal statement of assets and liabilities for a member of cc or a director. I am told this should indicate all income received by the person and shares, unit trust and other holding he/she may have. As well as all expenses made by the individual RA's Medical Aid and so on.
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TaxTim helping
you file your
Tax returns


TaxTim will help you:

 Do Your Tax Return Easily
 Avoid penalties
 Maximise your refund

Tim uses your answers to complete your income tax return instantly and professionally, with everything filled in in the right place.

Let Tim submit your tax return direct to SARS in just a few clicks!

Get started