Will you be liable to pay capital gains tax if you bought a vehicle and sold it for a profit?
By Nicci Courtney-Clarke · Updated
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?
No you will not have to pay CGT on the car sold as this is a personal use asset.