My husband and I sold our primary residence and bought a new one in April 2016. According to TaxTims Calculator, we don't need to pay Capital Gains Tax because it was less than R2m, but: 1. Do I still need to declare the capital gain? 2. If so, do I declare 50% of it because I own half of the property? 3. Also, I missed any mention of capital gains in my Prov tax Period 1. When I filled in Period 2 today, I didn't see any space to add Capital Gains.
You are only required to declare taxable income so if the gain is below the 2mil exemption then you are not required to declare in on your IRP6 but you will however need to declare it on your annual tax return.
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