Asked by ChenMing
do i need to pay stamp duty when i sell a condo? please advise, thanks a lot.
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2 Answers
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Yes, you may need to pay Seller's Stamp Duty (SSD) when selling your condo in Singapore.
SSD is a tax levied on residential properties sold within a certain holding period.
Here's how SSD works:
Holding Period: The holding period is the duration between the date of purchase and the date of sale of your condo.
SSD Rates: The SSD rate depends on the holding period:
Within the first year: 12% of the selling price or market value (whichever is higher)
Within the second year: 8% of the selling price or market value (whichever is higher)
Within the third year: 4% of the selling price or market value (whichever is higher)
After three years: No SSD is payable.
Example:
If you bought your condo for S$1 million and sold it for S$1.2 million within the first year, you would need to pay SSD of S$144,000 (12% of S$1.2 million).
Exemptions:
There are some exemptions to SSD, such as:
Transfer between spouses: No SSD is payable for transfers between spouses.
Inheritance: No SSD is payable if you inherit the property.
Financial hardship: You can apply for remission of SSD if you can prove financial hardship.
Payment:
SSD is payable to the Inland Revenue Authority of Singapore (IRAS) within 14 days of the date of sale. You can pay online through the IRAS website or via AXS stations.
Additional Considerations:
Buyer's Stamp Duty (BSD): The buyer of your condo will also need to pay BSD, which is a separate tax based on the purchase price or market value of the property.
Property Tax: You are also liable to pay property tax for the duration that you owned the condo.
WhatsApp me at: ABLE Toh (65) 98 56 92 55 or through this link.:https://wa.me/6598569255
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"If you need more assistance with property matters:
like renting / selling, buying / or investing, I'm here to help!
WhatsApp me at: ABLE Toh (65) 98 56 92 55 or through this link.:https://wa.me/6598569255
(Unfortunately, this platform doesn't allow direct contact, but you can easily reach me )
(***) You can check out my reviews here: https://www.propertyguru.com.sg/agent/able-s-k-toh-61591.
For buyers, I offer solutions for sourcing resale and new private homes at no charge.
I can connect you with reputable bankers for private housing loans free of charge and with no obligation.
I also have partners to assist with mortgage home insurance matters.
Let's seal this affinity by technology; please PM me your contact for assistance with your real estate needs. So, I believe in Affinity (Chinese word: 缘份） :), let's SEAL this AFFINITY Not by blood but by Technology > Please PM, Private Message your contact so that I CAN BE (EXTRA) PAIR OF HANDS / BRAIN and LEGS to Assist you NOW or FUTURE REAL ESTATE NEEDS!
*** You can reach me at my Singapore mobile: (65) 98 56 92 55 or email me at Able.selling@gmail.com.
From: ABLE Toh- Your Property ASSISTANT : ）
“ i am ABLE to Help As Much As You are ABLE To PM (Private Message) me ”
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SSD is a tax levied on residential properties sold within a certain holding period.
Here's how SSD works:
Holding Period: The holding period is the duration between the date of purchase and the date of sale of your condo.
SSD Rates: The SSD rate depends on the holding period:
Within the first year: 12% of the selling price or market value (whichever is higher)
Within the second year: 8% of the selling price or market value (whichever is higher)
Within the third year: 4% of the selling price or market value (whichever is higher)
After three years: No SSD is payable.
Example:
If you bought your condo for S$1 million and sold it for S$1.2 million within the first year, you would need to pay SSD of S$144,000 (12% of S$1.2 million).
Exemptions:
There are some exemptions to SSD, such as:
Transfer between spouses: No SSD is payable for transfers between spouses.
Inheritance: No SSD is payable if you inherit the property.
Financial hardship: You can apply for remission of SSD if you can prove financial hardship.
Payment:
SSD is payable to the Inland Revenue Authority of Singapore (IRAS) within 14 days of the date of sale. You can pay online through the IRAS website or via AXS stations.
Additional Considerations:
Buyer's Stamp Duty (BSD): The buyer of your condo will also need to pay BSD, which is a separate tax based on the purchase price or market value of the property.
Property Tax: You are also liable to pay property tax for the duration that you owned the condo.
WhatsApp me at: ABLE Toh (65) 98 56 92 55 or through this link.:https://wa.me/6598569255
----------------------------888--------------------------------888--------------------------->>>
"If you need more assistance with property matters:
like renting / selling, buying / or investing, I'm here to help!
WhatsApp me at: ABLE Toh (65) 98 56 92 55 or through this link.:https://wa.me/6598569255
(Unfortunately, this platform doesn't allow direct contact, but you can easily reach me )
(***) You can check out my reviews here: https://www.propertyguru.com.sg/agent/able-s-k-toh-61591.
For buyers, I offer solutions for sourcing resale and new private homes at no charge.
I can connect you with reputable bankers for private housing loans free of charge and with no obligation.
I also have partners to assist with mortgage home insurance matters.
Let's seal this affinity by technology; please PM me your contact for assistance with your real estate needs. So, I believe in Affinity (Chinese word: 缘份） :), let's SEAL this AFFINITY Not by blood but by Technology > Please PM, Private Message your contact so that I CAN BE (EXTRA) PAIR OF HANDS / BRAIN and LEGS to Assist you NOW or FUTURE REAL ESTATE NEEDS!
*** You can reach me at my Singapore mobile: (65) 98 56 92 55 or email me at Able.selling@gmail.com.
From: ABLE Toh- Your Property ASSISTANT : ）
“ i am ABLE to Help As Much As You are ABLE To PM (Private Message) me ”
XXXXX The End XXXXXXX Read More