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Friday, May 26, 2006

Property Gain Tax

Hey, i need a Tax Consultant. I would like to know some of the legal terms. Take for an example. A land lord own that piece of land for few years (more than 10 years), then a contractor call him up and is interested in developing his land for developing a housing estate. Now, the house is completely developed and intended to sell. The land lord was given a number of house as per agreement. So, as a landlord of that piece of land, if he sell off the given houses, would he be taxed for a property gain tax for a 35% of the house's selling value from government? As i know, if that is the first house, then he wont be charged for any tax. But what about the following houses? Will he be charged for any tax? The problem now is, he is the land lord and not a buyer of a house and now intended to sell his house. Would that make any difference?

1 Comments:

Blogger StephenLim said...

Yes, for the second house under the same owner will be taxed. But this is not for the first house. Therefore, u must becareful when u plan to sell a house or buy a house for investment. :) Correct me if i have a wrong info.

3:19 PM  

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