March 9, 2015

Capital gains tax and the sale of a property

Capital Gains Tax was introduced on 1 October 2001. Capital Gains Tax is payable on the profit a seller makes when disposing of his property. What is meant by Capital Gain? A person’s capital gain on an asset disposed of is the amount by which the proceeds exceed the base cost of that asset. What is base cost? The base cost of an asset is what you paid for it, plus the expenditure. The following can be included in calculating the base cost: The costs of acquiring the property, including the purchase price, transfer costs, transfer duty and professional fees […]
We use cookies to improve your experience on our website. By continuing to browse, you agree to our use of cookies
X