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Discuss the considered to be revenue or capital in nature

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Reference no: EM132652626

Question - Lucky Ndlovu (a resident of the Republic), carries on business as a motor car-dealer. On 1 June 2019, Lucky inherited R5 000 000 from his wealthy aunt. On 1 December 2019, he sold his home situated in Tongaat for R750 000 (originally purchased for R350 000 on 1 October 2005), and purchased a larger home in Umhlanga. Lucky has never bought or sold any other properties other than those mentioned above.

Required - Discuss (with reasons) whether the following is considered to be revenue or capital in nature:

a) The inheritance of R5 000 000.

b) The proceeds from the sale of his home in Tongaat.

Reference no: EM132652626

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