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Car trade-in a Capital Gain for tax purposes?

Posted 12 November 2014

I traded my car in for a new car. The sales price was R10,000 more than I owed the bank, so the dealer gave me a R10,000 discount on the new car, i.e. I didn't physically receive the money.

Do I need to register this under Section 7 - Capital Gains - and if so, how do I calculate the base cost?

TaxTim TaxTim says:
12 November 2014 at 22:26

No, this is a personal asset and you do not need to declare it.

Gemello says:
13 November 2014 at 6:39

Thanks, much appreciated.

TaxTim TaxTim says:
13 November 2014 at 22:54

Only a pleasure!

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