Category: Paragraph 64 (Eighth Schedule) – Asset used to produce exempt income

Paragraph 64

 

  1. Subparagraph (a) substituted by section 143(1)(a) of Act 31 of 2013 effective on 12 December 2013 and section 143(1)(b) of Act 31 of 2013 effective on 1 March 2014.

 

  1. Paragraph 64 substituted by section 78 of Act 31 of 2005, section 54 of Act 20 of 2006 and section 76 of Act 17 of 2009.

Paragraph 64 (Eighth Schedule) – Asset used to produce exempt income

Posted on by admin_kmos

64.    Asset used to produce exempt income

 

A person must disregard any capital gain or capital loss in respect of the disposal of an asset which is used by that person solely to produce amounts which are exempt from normal tax in terms of –

 

(a)     section 10, other than receipts and accruals contemplated in paragraphs (cN), (cO), (i) and (k) of subsection (1) thereof; or

 

(b)     section 12K.