Hide
Earn under R350,000? Click here to see why you still need to file to get your Tax Refund.
CLOSE
Get Tax Deadline Reminders, News and Tips
 

We'll tell you when you need to file, along with tax tips and updates.
Try Tim Now

Will you be liable to pay capital gains tax if you bought a vehicle and sold it for a profit?

Posted 19 February 2016 under Tax Questions


Let TaxTim
help you
submit your
Tax returns!


TaxTim will help you:

 Do Your Tax Return Easily
 Avoid penalties
 Maximise your refund

Tim uses your answers to complete your income tax return instantly and professionally, with everything filled in in the right place.

Let Tim submit your tax return direct to SARS in just a few clicks!

Get started

Blog Categories


Ask TaxTim

Got a question you want answered about tax?

Visit our helpdesk →
Samurai says:
19 February 2016 at 11:50

I have bought a second hand car for an amount of R168000 in cash, 3 months later I decided to sell the car as it is not being used often for an amount of R215000. Will I be liable for capital gains tax on this?

This entry was posted in Tax Questions and tagged , , , . Bookmark the permalink.

TaxTimTaxTim says:
19 February 2016 at 17:56

No you will not have to pay CGT on the car sold as this is a personal use asset.


Get Tax Deadline Reminders, News and Tips
 

We'll tell you when you need to file, along with tax tips and updates.

Blog Categories


Ask TaxTim

Got a question you want answered about tax?

Visit our helpdesk →


Let TaxTim
help you
submit your
Tax returns!


TaxTim will help you:

 Do Your Tax Return Easily
 Avoid penalties
 Maximise your refund

Tim uses your answers to complete your income tax return instantly and professionally, with everything filled in in the right place.

Let Tim submit your tax return direct to SARS in just a few clicks!

Get started