Must I pay capital gains tax if I sell my house?
06 August 2015
I bought my house, which I’ve always lived in since buying it, for about R1 million in 2000, and on... my auditor’s advice had it appraised in October 2001 for R1.1 million. Over the years I had about R200 000 worth of improvements done to the house. I maintained the house well and recently put it up for sale to move to a smaller townhouse. I now received an offer of R3.7 million for the house. However I understand that I might have to pay capital gains tax on the sale, and am worried about how much that may be?