Thuli Purchased a townhouse on 20 July 2008 for R4 000 000. She paid Transfer duty of R235 000 and legal fees for R22 670. She renovated her kitchen for R350 000. She repainted the doors of the bedrooms for R3 000. She repaired the leaking roof. You are required to calculate the base cost of the property.

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Capital Gain

Any capital asset when sold can give the seller a higher or lower price from its purchase price leading to a capital gain or capital loss. The time period of holding an asset is decided based on if it is a long term or short-term capital gain. On that basis, the rate of taxation is decided if it is 20%, 15% or according to the tax brackets. The rate of taxation differs in the case of equity or debt, whether long or short term. The capital gain can be adjusted from capital loss to arrive at a net capital gain. The amount of gains and the exemption has to be reported in the tax return filed in the financial year in which the asset was transferred. The tax return can be filed quarterly, monthly, semi-annually or annually.