Capital Gain from Realisation of Interest in Land or Buildings

 Realisation of interest in land and Building

A person who owns an interest in land or building shall be treated as realising the asset when the person parts with ownership of such interest including when it is sold, exchanged, transferred, distributed, cancelled, redeemed, destroyed or surrendered and in the case of interest of an entity when it ceases to exist, immediately before the entity ceases to exist.

The Income Tax Act requires a person who derives a gain from the realisation of an interest in land or buildings situated in the United Republic, to pay income tax by way of single instalment.