FAQ Blog Calculators Students Logbook Contact
Do your Tax with TaxTim and WIN R10,000  More info   T&C's apply


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 Marc TaxTim Marc said:
12 November 2014 at 22:26

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

Gemello said:
13 November 2014 at 6:39

Thanks, much appreciated.

TaxTim Marc TaxTim Marc said:
13 November 2014 at 22:54

Only a pleasure!

This entry was posted in Tax Q&A and tagged , . Bookmark the permalink.





Submit your tax return right here!

TaxTim will help you:

 Do Your Tax Return Easily
 Avoid penalties
 Maximise your refund
Tim uses your answers to complete your income tax return instantly and professionally, with everything filled in in the right place.

Let Tim submit your tax return direct to SARS in just a few clicks!

Get started

Blog Categories


Ask TaxTim

Got a question you want answered about tax?

Visit our helpdesk

Get SARS Tax Deadlines in your Inbox
We'll tell you when you need to file, along with tax tips and updates.