Capital gains on house sale for pensioner
By Marc Sevitz · Updated
Capital Gains Tax affects all taxpayers regardless of age. However due to being a pensioner the amount of tax you pay on the capital gain is smaller as you get past the ages of 65. This is because you are allowed a higher amount/tax threshold before you actually pay tax.
A percentage of the gain/profit you make from selling the houses is included in your income, but because of being a pensioner a smaller amount is taxed.
A percentage of the gain/profit you make from selling the houses is included in your income, but because of being a pensioner a smaller amount is taxed.
Tax Thresholds
The tax thresholds at which liability for normal tax commences, are:
Persons under 65 years R 59 750
Persons from 65 to 74 years old R 93 150
Persons 75 years and older R104 261
So any amounts over that would be taxed depending on your age up until February 2012.
The tax thresholds at which liability for normal tax commences, are:
Persons under 65 years R 59 750
Persons from 65 to 74 years old R 93 150
Persons 75 years and older R104 261
So any amounts over that would be taxed depending on your age up until February 2012.