Recently i have sold a property. Because i bought it less than 5 years ago and is subject to property gain tax. 5% of the gain.
Then my colleague told me i can actually get once in a life time exemption. Actually nobody advise me on this and i was not aware. I have to thank him.
Question is whether i want to get the exemption now, or for my future property. I decided to get it now, because my future property i may not make money or may sell it after five years or i may not sell any property before i die.
In case some of you don't know, just like me, we can actually apply for exemption for Real Property Gain Tax. You can consult your agent or lawyer.
More info on property here.
http://politemarket.blogspot.com/search/label/Property
Thanks
Disclaimer
Means that, whether we are selling or not selling the property, we are eligible to get the exemption for Real Property Gain Tax?
ReplyDeleteCurrently under the rules, u will only be taxed if u sell your property within five years u bought it.
ReplyDeleteRecently. I sell one of my property less than 5 years , and I had check with my lawyer how to get eligible exemption for real property gain tax, then she reply there is no such law applicable, if any of you had more detailed of it, please share with me !
ReplyDeleteI'm not too sure how, but this is what i have been told. 1, u can only apply for exemption once in your life. 2, u need to have stayed there or rented it out. 3, u need to provide a copy of CF or telekom/ water/ eletric bill and the date of the document has to be before you sell the property.
ReplyDeleteI am not good in this area, maybe you can call income tax department to check. Appreaciate you can also share with us.