CGT on subdividing main residence
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mohandis
Apprentice
Joined: 22 Jul 2006
Posts: 8
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 Posted: 12/26/07 - 06:48 Post subject: |
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| I have recently started thinking about subdividing my property. All of the divided blocks would still be in my name. However, since my property is my main rasidence, I would like to know does the division still make me liable to paying CGT. If anyone could tell me, that would be great. Thanks in advance. |
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gill
Apprentice
Joined: 06 Oct 2007
Posts: 6
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| Posted: 01/25/08 - 04:52 Post subject: |
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| When it comes to CGT, or capital gains tax, it is usually applied to the income you get when selling your home. Moreover, it only applies for second property, not the one you live in. However, subdividing the main rasidence will still not result in any kind of paying CGT taxes, so you can be calm about that. I hope you find the information helpful. Best of luck. |
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