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JB says: 20 May 2016 at 12:48 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? |
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TaxTim says: 22 May 2016 at 22:15 Did you have a valuation done on 1 October 2001? What value was transferred to you as at 2007? |
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JB says: 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. |
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TaxTim says: 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. Please make use of our Capital Gains Tax Calculator to work out the CGT owing. |
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