20 November 2012 at 19:04
Capital Gains Tax affects all taxpayers regardless of age. However due to being a pensioner the amount of tax you pay on the capital gain is smaller as you get past the ages of 65. This is because you are allowed a higher amount/tax threshold before you actually pay tax.
A percentage of the gain/profit you make from selling the houses is included in your income, but because of being a pensioner a smaller amount is taxed.
20 November 2012 at 19:09
The tax thresholds at which liability for normal tax commences, are:
Persons under 65 years R 59 750
Persons from 65 to 74 years old R 93 150
Persons 75 years and older R104 261
So any amounts over that would be taxed depending on your age up until February 2012.