Can giving away ur property escape SSD?

[price]

SSD is calculated on sales price right?

Can giving away ur property escape SSD? (Change name)

[devilplate]

SSD is calculated on sales price right?

Can giving away ur property escape SSD? (Change name)
i tink cannot....only add name can but aso nid to pay bsd

give away upon death can! no estate duty liao.....wakakaka

[ay123]

cannot sell for $1 meh?

[devilplate]

cannot sell for $1 meh?
u can try

see taxman call u lim kopi anot lor hehehe

[price]

u can try

see taxman call u lim kopi anot lor hehehe

No but i'm serious on giving it to my mum. IF i give my Condo to my mum now, 2.5 years time i can buy a BTO :D Just wondering is there SSD involved

[devilplate]

No but i'm serious on giving it to my mum. IF i give my Condo to my mum now, 2.5 years time i can buy a BTO :D Just wondering is there SSD involved
cannot one.....u can call iras hotline to double cfm

[price]

So weird, but i thought giving away properties is allowed in SG? If so and i am willing to pay relevant SSDs, 16% times wat ? haha.

[ysyap]

SSD is calculated on sales price right?

Can giving away ur property escape SSD? (Change name)100% cannot... even developers who wants to give one or two units to good friends also must sell them at market value. Govt needs all the stamp duty to keep in reserve bank lah... Lol! I had this conversation with my lawyers some years back and clarified the matter...

[price]

100% cannot... even developers who wants to give one or two units to good friends also must sell them at market value. Govt needs all the stamp duty to keep in reserve bank lah... Lol! I had this conversation with my lawyers some years back and clarified the matter...

So I can give good discount? to reduce the SSD?

[ysyap]

So I can give good discount? to reduce the SSD?If you give 50% discount, you may receive phone call from IRAS or URA to check check... not sure lah but u can try then let us know lor... basically its the BSD that must be paid to authorities... :)

[price]

If you give 50% discount, you may receive phone call from IRAS or URA to check check... not sure lah but u can try then let us know lor... basically its the BSD that must be paid to authorities... :)

haha, ok i shall call IRAS soon. Anyway i liaise with them quite often :sleep:

[mcmlxxvi]

cannot sell for $1 meh?

http://www.iras.gov.sg/irasHome/uploadedFiles/Quick_Links/e-Tax_Guides/Stamp_duty/Stamp%20Duty%20Treatment%20and%20Stamping%20Procedure%20For%20Gift%20Cases.pdf

Stamp Duty Treatment for Gift Cases

3. For any conveyance or transfer operating as gifts, the documents shall be chargeable with stamp duty as if it were a conveyance or transfer on sale. In such instances, for transfer involving immovable properties, the stamp duty will be computed based on the market value of the immovable properties. For transfer involving shares, stamp duty will be computed based on the Net Asset Values of the shares transferred.

4. Guidelines on the values to be declared for stamping of Gift Cases:

4.1 For transfer Involving Immovable Properties:
The market value of the immovable property is to be determined as at the date of execution/signing of the document. The market value of the immovable property is the price that the immovable property might reasonably be expected to fetch in the open market on an arm’s length basis.

...

7. Do I need to obtain a valuation report to determine the market value of the immovable property?

Stamp duty on the document is computed based on the market value of the property. As long as the amount declared for stamping is reflective of the market value, it is not compulsory for you to obtain a valuation report. The market value of an immovable property for the purpose of stamp duty is the price that the property might reasonably be expected to fetch in the open market on an arm’s length basis.

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Maybe i shud join them as p/t consultant lol...

Ps: u can say my arm v short. When i reach out i only manage to find buyer willing to pay $1 and thats my mum...

[lifeline]

Ps: u can say my arm v short. When i reach out i only manage to find buyer willing to pay $1 and thats my mum...


:doh: so funny !
muz be "arm" of reasonable length la, based on 95% of population ! :D

[ysyap]

Ps: u can say my arm v short. When i reach out i only manage to find buyer willing to pay $1 and thats my mum...I'll top that and pay $2 for that property.... :cool: