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Will you be liable to pay capital gains tax if you bought a vehicle and sold it for a profit?

Posted 19 February 2016

Samurai says:
19 February 2016 at 11:50

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?

TaxTim TaxTim says:
19 February 2016 at 17:56

No you will not have to pay CGT on the car sold as this is a personal use asset.

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