CGT on primary property worth less than R2m
By Nicci Courtney-Clarke · Updated
My mum (78 years) wants to sell her house (market value is R1,7million) due to her deteriorating health, she can no longer stay on her own now, what are the the tax implications? Property was purchased in 2008 for R1,1million
There will not be any tax implications as this is her primary residence and the sales price is less than R2m which means there is no CGT.
She has another residential property in Umthatha worth R2.8million but not intending to sell it.
Then this won't affect any CGT calculations and the first sale would not attract CGT either way.