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I inherited a property in 2007 (it was transferred into my name in 2007, although my dad passed on in 1997) - delay caused by issues with executing the will. I valued the property in 2002 for Capital Gains Tax and it was valued for R760 000 at the time. I want to sell the property now for R3. 95 million. I earn a salary of R480k per year. How much CGT will I have to pay?
Did you have a valuation done on 1 October 2001? What value was transferred to you as at 2007?
JBsays: 23 May 2016 at 8:29
valuation Oct 2001 = R760 000, Transferred into my name 24 Aug 2008 at a value (obtained from my transferred documents) is R365 000. Not sure why valuation so low 7 years later.
TaxTimsays: 24 May 2016 at 9:18
You would need to check with the estate what value they paid CGT on - it should be that you transferred the amount at the R365 000 which would be your base cost for CGT purposes and then the CGT would be R3.95m less the R365k.