An individual’s primary residence was valued at R1 million on 1 October 2001. The residence was sold after the valuation date for R3,5 million.
| R | ||
| Proceeds | 4 500 000 | |
| Valuation date value | 1 000 000 | |
| Valuation fee | 5 000 | |
| Swimming pool added after valuation date | 45 000 | |
| R | R | |
| Proceeds | 4 500 000 | |
| Less: Base cost | ||
| Valuation date value | (1 000 000) | |
| Valuation fee | (5 000) | |
| Improvements | (45 000) | (1 050 000) |
| Gain | 2 450 000 | |
| Less: Primary residence exclusion | (3 000 000) | |
| Capital gain | 450 000 |
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