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Ahmed Mkhize is a 42 year-old single male resident of South Africa. He inherited a...

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Finance

Ahmed Mkhize is a 42 year-old single male resident of South Africa. He inherited a 5 bedroom house situated in Dundee from his grandfather. As he works in Durban he decided to sell the house for R1 350 000. The value of the house was estimated at R1 200 000 by the property valuator. The house was sold on 31 August 2021. Immediately after he received the money from the sale of the house, he invested it with a private local company, Coral Property Investment. By 28 February 2022, he earned a dividend of 4% based on his total investment.

Ignore VAT.

Required: Discuss with reference to the gross income definition whether or not the amounts received by Ahmed will form part of his gross income for the year ended 28 February 2022.

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