Hi there,My husband and my mother in law, bought a property in 2011, for R1,050,000, however she was…

Hi there,

My husband and my mother in law, bought a property in 2011, for R1,050,000, however she was only on the bond for the affordability side of things, my husband pays the bond repayments.

In anycase we spoke about me taking over the bond from her, so we would do a substitution bond, however we have been advised that she would need to pay tax, as the property value is now at 1.6mill, the remaining amount on the bond is R990,000 +/- , are you able to advise if she would be taxed, considering it would be a substitution, and if so, for what?

Kind regards

Laura

[Source] Click here to view the answer to this question