Hi,
Just wondering if any of you have any idea how Capital Gains Tax is calculated on a house sale in South Africa?
In the UK there’s a 10K exemption and then it’s a percentage. Is it the same in South Africa? Any ideas of the exact figures involved? Or could you point me in the direction of some info on this?
Any info much appreciated.
Cheers,
Kitkat
I encountered this when I sold my flat in Cape Town but it was quite a few years ago so I’m a little hazy. As I remember, there is no set amount. Rather, the capital gain on the sale of the house is added to your taxable income for the year.
In my case, I wasn’t living there at the time so I wasn’t earning anything and my only taxable income for that year was the capital gain.