Mc Naught & Co
Raised limit for Transfer Duty Exemptions
In the budget speech today the Minister of Finance announced that the exemption limit for transfer duty on property purchases has been raised from R750 000 to R900 000. In other words, if you buy a property for less than R900 000 you will pay no duty.
The rates of duty applicable after that remain unchanged. This is good news for those purchasing lower priced properties.