Question $3$

$[12$ Marks$]$

Nthabi is the owner of Brown Dee Limited $("$BD$").$ BD purchased a delivery vehicle on $1$ March $2021$ for an amount of R$280000.$ BD was entitled to a S$11($e$)$ allowance of $20\%$ p$.$a$,$ on the delivery vehicle.

The delivery vehicle was sold on $1$ November $2023$ for an amount of R$300000.$

Required:

Use the above information to calculate both the tax value and the recoupment for the year ending $29$ February $2024.$

$6$

HIT$1181-$Jan $-$ June $2024-$FA$1-$AM$-$V$3-22012024$

Question $4$

$[6$ Marks$]$

Briefly explain your understanding of exempt income and state four $(4)$ types of exempt income provided for by the Income Tax Act.