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How do the selling of my home impact my personal income tax obligation?

Posted 13 October 2015 under Tax Questions



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Denzil says:
12 October 2015 at 22:51

Hi Tim. I asked you previously what my tax obligation was on selling my house for R80,000.00. You replied that I do not need to pay tax for selling the house. How does that affect my personal tax obligations? Do I need to pay personal income tax on the R80,000.00 income I made for the year? Your help is dearly appreciated. Thanks.

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TaxTimTaxTim says:
13 October 2015 at 16:06

If there is no tax on the capital gain from your house sale, then there won't be any tax obligations for you.

You will need to disclose the details though (i.e proceeds and cost) in the capital gains sections of your Tax Return, but there will be no tax obligations.

Please Register for TaxTim and let us assist you to disclose these details correctly in your Tax Return.


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