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Tydo says: 2 May 2016 at 3:41 My mum (78 years) wants to sell her house (market value is R1,7million) due to her deteriorating health, she can no longer stay on her own now, what are the the tax implications? Property was purchased in 2008 for R1,1million |
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TaxTim says: 2 May 2016 at 17:52 There will not be any tax implications as this is her primary residence and the sales price is less than R2m which means there is no CGT. |
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Tydo says: 6 May 2016 at 16:06 She has another residential property in Umthatha worth R2.8million but not intending to sell it. |
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TaxTim says: 9 May 2016 at 17:52 Then this won't affect any CGT calculations and the first sale would not attract CGT either way. |
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