Call Us
Email Us
WHAT IS STAMP DUTY?
"Stamp duty is a tax on executed documents relating to properties or interest in properties and shares or interest in shares. Stamp duty is payable only on documents described in the First Schedule to the Stamp Duties Act (Cap 312). These documents include a lease, sale and purchase, gift or mortgage of property. It is not a tax on transactions.
Liability arises once the document is executed. Hence, even if the transaction has been aborted, stamp duty is still payable on the document."
(Quoted from IRAS website)
Buyer will usually have to fork out cash first in paying the stamp duty. CPF will only reimburse the stamp duty back to the buyer upon completion of the property sales transaction.
STAMP DUTY FEE CALCULATIONS
1st S$180K is 1%
2nd S$180K is 2%
Remaining amount is 3%.
For example: if you are buying a property that cost S$600,000, the stamp duty will be as follow:
1st S$180,000 @ 1%- S$1,800
2nd S$180,000 @ 2%- S$3600
Remaining S$240,000 @ 3%- $7,200
Total stamp duty is S$12600
You may wish to visit IRAS website to use the Stamp Duty Calculator.
NEW REGULATIONS
Anyone who sells a property within a year of buying will have to pay an additional stamp duty of 3% of the selling price on top of the existing stamp duty which was paid during the initial purchase.
No related posts.
