Compensation from foregoing of right in land with building @10 percent to eldest sister who is now in occupation

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8 Points Posted on 07 April 2021
Compensation received from property which was owned by father who died in1995
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On 07 April 2021 at 10:03 Report
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This discussion clarifies the tax implications of compensation received for foregoing rights to a property. When you relinquish rights to land, especially if it involves a building and is part of an inheritance, it's considered a transfer. This transfer typically attracts Capital Gains Tax, meaning you'll need to account for it in your tax returns.

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student
62 Points Posted on 07 April 2021
Amounts to relinquishment and is therefore a transfer hence it attracts capital gains
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On 07 April 2021 at 10:32
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Chartered Accountant
24588 Points Posted on 07 April 2021
It will be treated as capital gains
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On 07 April 2021 at 10:41

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