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Primary Residence Capital Gains Question?

Posted 25 August 2014

If I rented out my primary residence in JHB, while myself renting another property in CT (in lieu of my primary residence) for a period of 6 years, and then sold the primary residence in JHB to buy a primary residence in CT - am I liable for Capital Gains tax on the primary residence in JHB?

TaxTim Marc TaxTim Marc said:
25 August 2014 at 14:43

Yes you would be as this would no longer be your primary residence. SARS allows a 2 year grace period while you look for a new residence, otherwise it becomes subject to CGT.

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