Ahmed Mkhize is a 42 year-old single male resident of South Africa. He inherited a...
80.2K
Verified Solution
Link Copied!
Question
Finance
Ahmed Mkhize is a 42 year-old single male resident of South Africa. He inherited a 5 bedroom house situated in Dundee from his grandfather. As he works in Durban he decided to sell the house for R1 350 000. The value of the house was estimated at R1 200 000 by the property valuator. The house was sold on 31 August 2021. Immediately after he received the money from the sale of the house, he invested it with a private local company, Coral Property Investment. By 28 February 2022, he earned a dividend of 4% based on his total investment.
Ignore VAT.
Required: Discuss with reference to the gross income definition whether or not the amounts received by Ahmed will form part of his gross income for the year ended 28 February 2022.
Answer & Explanation
Solved by verified expert
Get Answers to Unlimited Questions
Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!
Membership Benefits:
Unlimited Question Access with detailed Answers
Zin AI - 3 Million Words
10 Dall-E 3 Images
20 Plot Generations
Conversation with Dialogue Memory
No Ads, Ever!
Access to Our Best AI Platform: Zin AI - Your personal assistant for all your inquiries!
