You need to indicate in your Tax Return that you sold a property that would attract capital gains tax. You need to include the proceeds of the sale less any fees for making the sale and then the cost of the property plus any purchase fees and the cost of any improvements to the property in the relevant section of the Tax Return. However, since this was your primary residence there is a R2m exemption on capital gains tax and therefore there won't be any tax payable on this sale.
Thomassays: 18 August 2015 at 17:24
Wow! That answer was fantastic!
I should also have asked where on the tax return I disclose these details?
TaxTimsays: 18 August 2015 at 20:27
Glad to hear it was helpful!
in the opening questions, you need to answer yes to the question asking if you sold an asset that would attract capital gains tax.
And then scroll down to the section in your Tax Return with the heading "Determination of Local Gain/Loss" and fill in the relevant details.
Thomassays: 19 August 2015 at 9:54
Hi TaxTim Very helpful indeed.
You guys are just great! Thankyou
TaxTimsays: 19 August 2015 at 10:46
Only a pleasure!
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