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Rpgt tax, Inheritance property charge for rpgt tax
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ycyyjoanne P
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 Sep 18 2021, 05:40 PM
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New Member
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QUOTE(Elise L @ Sep 18 2021, 07:10 AM) There's a property inheritance passed down from the mother as she passed away few months ago. Question: 1. Change of ownership from mother to the child, would the current market price be stated in the new ownership document? 2. Can the ownership transfer process be skipped, and straightaway sell the property? 2. you can with court order to sell |
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ycyyjoanne P
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Sep 19 2021, 06:10 PM
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New Member
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QUOTE(Elise L @ Sep 19 2021, 05:34 PM) If without court order, is it possible? not possible |
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ycyyjoanne P
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Sep 19 2021, 06:31 PM
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New Member
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QUOTE(Elise L @ Sep 19 2021, 05:35 PM) For the seller side, any difference if decided to sell without waiting for the transfer to be completed? Firstly, if the property transferred to the respective beneficiaries/child thereafter sell it off to a 3rd party, the beneficiaries/child will be subjected to rpgt as they own the property less than a year before disposing it of (assuming the beneficiaries sell it right after the transfer). Secondly, the property can be disposed of to a 3rd party by the executor/administrator without transferring to the respective beneficiaries/child by obtaining a court order. Here the executor/administrator will need to incur additional cost in obtaining the court order. So, in such a case they may start to look for buyer while applying for grant of probate / letter of administration. |
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