I bought a house in November 1999 for R275,000. It was my primary residence up to November 2014, since then I rented it out. If I sell it now for R1,000,000 what will the basic cost be? And the capital gains tax?
Please make use of our Capital Gains Tax Calculator in order to work out how much tax you will pay. However it would not be very much as only the period that you rented out the house for would be subject to CGT and most likely this will fall below the R30 000 allowed tax free gain.
Dirksays: 18 May 2015 at 20:20
Thank you for the speedy response.
TaxTimsays: 19 May 2015 at 12:39
Only a pleasure!
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