QUOTE(deodorant @ Dec 27 2014, 01:17 PM)
No, PR not allowed to rent out their whole flat regardless of declare or no declare. How they get around it (and how Sinkie oso get around the 5-year MOP) is lock the utility room and structure the rental agreement as "Rent X bedrooms" instead of rent whole flat.
Interestingly though I also see rental agreement they like to put some crazy amount for "rental of furniture." Example if rental $2k, they say $500 room rental $1.5k furniture rental. Why ah, izzit cos of different tax rates?
alaskanbunny sgrealestate pls clarify.
Both the room and furniture rental goes into the rental income, rental income will be taxed at personal income tax rate so they are the same. The only thing the owner can do, is to say they "rent" the furniture from some company, hence they can declare it as expenses which is deductible in rental income. But 1.5k furniture for a 500 room I think is too obvious.
QUOTE(kevin613 @ Dec 27 2014, 06:55 PM)
you're right, PR cant rent out whole unit.. just went to korek HDB website.. thanks for the info.
i wonder if they submit the rental agreement for the property tax assessment, cause gains from property rental are taxable, but rent for furniture, i dunno lah..
IRAS cannot be so stupid rite..
You own HDB and you don't know HDB rules? That is the first few agreement to sign.
Rental income goes to personal income tax. Property has its own property tax based on the annual value which is the market value, not your own rent. Never pay any property tax so far?