Mar 13 2014, 09:28 AM
QUOTE(Dino168 @ Mar 12 2014, 04:42 PM)
For property bought within 1 year, RPGT is 30% on profit.
Question : if there is no profit made (e.g. S&P price minus all expenses is lower than selling price); is it valid for RPGT=0%?? Agent told me cannot ... must have a minimal profit (if so, what is that min amount) ... otherwise will get into legal problem.
Seeking advise from experts ... if that agent pulling a quick one on me?? If property bought at wrong time, then forever cannot sell.
If u claim to have bought a Property and then sold in in less than 1-year (or even within say 5-years) and made no profits, the IRB will look at your case very carefully, in particular:Question : if there is no profit made (e.g. S&P price minus all expenses is lower than selling price); is it valid for RPGT=0%?? Agent told me cannot ... must have a minimal profit (if so, what is that min amount) ... otherwise will get into legal problem.
Seeking advise from experts ... if that agent pulling a quick one on me?? If property bought at wrong time, then forever cannot sell.
1) Original Buying and current Selling Price - make sure its genuine and mind you, IRB can arbitrarily set a new selling price based on their own Market Value if they feel that your current selling price is below 'Market Value'
2) Expenses - make sure its only the permitted expenses claimed with proper receipts
3) Identity of the Original Seller and Current Buyer - make sure its not related to you, else, IRB will see it as some sort of scheme to artificially deflate / inflate the selling price
Its possible, actually to sell a property at such a short tenure and make no profit. RPGT is only on profits and who says, u must make profits from property. There are many ppl who make losses due to bad investments. But make sure your deal is above board.
This post has been edited by cfa28: Mar 13 2014, 09:31 AM
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