QUESTION $3(24$ Marks$)$

Jake, $62$ years old, a resident of South Africa, disposed of a few items in $2024.$ He was unsure on how to

calculate the capital gains on the disposal and requested assistance on the calculations.

$1)$ He bought a home which he used for his primary residence for R$2400000$ on $1$ January $2019.$He spent

$800000$ renovating. Other costs incurred $-$ Rates and taxes R $22500$ and borrowing costs R $85000.$He sold

it on the $31$ December $2024$ for R$4000000.$

$2)$ He bought land for farming purposes on $1$ January $2020$ for R$2500000$ and decided to dispose of the

land on $1$ September $2024$ for R$3000000.$

$3)$ He donated his holiday home in Cape Town on $1$ December $2024$ to his spouse. It was bought on $1$

January $2022$ for R$2400000$ and market value at the date of donation of R$2550000.$

$4)$ He acquired shares for R$65000$ as long$-$term investment in $2014$ and decided to dispose of the shares for

R$105000$ in $2024.$

He also sold the following assets:

$5)$ Winnings of R$125000$ at casino

$6)$ Sale of Mercedes Benz R$450000$

$7)$ Sale of Persian carpets R$22500$

$8)$ Sale of Antique furniture R$102500$

Jake had a capital loss from the previous year of assessment amounting to R$65000.$

REQUIRED:

Calculate the taxable gain for the year ended $29$ February $2024.$