What is an IT3c Tax Certificate
An IT3c is a tax certificate received from a bank or financial institution. It summarizes any investments you may have made with them.
Frequently asked questions
What is the difference between it3a and it3b and IT3c
An IRP5 is provided when tax has been subtracted, while an IT3(a) is given when no tax has been deducted. You might also receive an IT3(b), which details interest and dividends from domestic and foreign investments, and an IT3(c), which outlines capital gains and losses from domestic and foreign investments.
How is capital gain calculated
A gain or loss is triggered when you sell an asset or are deemed to have sold an asset. Capital gains tax (CGT) applies to all capital assets sold on or after 1 October 2001. Only the gain or loss attributable from 1 October 2001 to the selling date is subject to CGT. Once you sell an asset, the selling price is recorded as the proceeds of the transaction.
The base cost of the asset is what you paid for the asset. The profit is the positive difference when deducting the base cost of the asset from the proceeds. The loss is the negative difference when deducting the base cost of the asset from the proceeds.
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