De-coupling..

kulgai · Aug 4, 2015

Need some advice from the property gurus in this forum.
1)To avoid the ABSD, many couples now own 2 properties separately in their individual names. Assuming these properties are not rented out but for own stay, is it still possible to pay owner occupied property tax rates on both properties? Anyone with such scenario here?
2)If I own a private property and decide to change house, I will need to pay ABSD on the new purchase unless I rent a place temporarily until my sale transaction is legally complete before I purchase the new property. Is my understanding correct?

iluvgst · Aug 4, 2015

Yes and yes

yellowarse · Aug 4, 2015

(1) No. If a couple own 2 properties, one in husband's name and one in wife's, they'll have to pay owner-occupied rate on one property and residential rate on the other. This is because the law assumes that husband and wife are living in one property only. (Unless the couple is separated.)

(2) Yes. But you can still avoid the ABSD as long as the purchase of the 2nd property is completed before the sale of the first property is completed. That is, you can sign the option on the new property before the sale of your first property is completed.

Papsmearer · Aug 4, 2015

kulgai said:
Need some advice from the property gurus in this forum.
1)To avoid the ABSD, many couples now own 2 properties separately in their individual names. Assuming these properties are not rented out but for own stay, is it still possible to pay owner occupied property tax rates on both properties? Anyone with such scenario here?
2)If I own a private property and decide to change house, I will need to pay ABSD on the new purchase unless I rent a place temporarily until my sale transaction is legally complete before I purchase the new property. Is my understanding correct?

have you tried to have your wife buy under her maiden name? Many women have not changed their ICs or identity papers after they got married. If your wife use her maiden name to buy, it should pass unnoticed. All identification documents like pink IC and passport used in the purchase of property does not contain marital status. If any form asks, then just say no. Your lawyer must close one eye too when filling out paperwork. Maybe u use a lawyer that u have never used before and who does not know your marital status. If you can do this, then one property under her maiden name and one under yours.

For the second part of your question, the sale transaction of your old property does not have to be legally completed in order to avoid ABSD. If you have a contract or sales agreement to sell your existing house and the buy has already put money down as deposit, then the new property is not counted.

Similarly, the property is to be excluded from the count of properties owned by a buyer (A) if there is already a Contract or an Agreement to sell his property and the new buyer (B) has exercised his option to buy the property

xpo2015 · Aug 4, 2015

Be a man! Fulfill your fiscal responsibility!!

Give Ceaser unto Ceaser and God unto God!!

halsey02 · Aug 4, 2015

xpo2015 said:
Be a man! Fulfill your fiscal liability!!

Give Ceaser unto Ceaser and God unto God!!

God I will give, to the PAP "Caesar" I have already given too much ( esp my CPF), even God will understand, why I shouldn't be giving to "Caesar" anymore..God I must give.

kulgai · Aug 5, 2015

Papsmearer said:
have you tried to have your wife buy under her maiden name? Many women have not changed their ICs or identity papers after they got married. If your wife use her maiden name to buy, it should pass unnoticed. All identification documents like pink IC and passport used in the purchase of property does not contain marital status. If any form asks, then just say no. Your lawyer must close one eye too when filling out paperwork. Maybe u use a lawyer that u have never used before and who does not know your marital status. If you can do this, then one property under her maiden name and one under yours.

For the second part of your question, the sale transaction of your old property does not have to be legally completed in order to avoid ABSD. If you have a contract or sales agreement to sell your existing house and the buy has already put money down as deposit, then the new property is not counted.

Similarly, the property is to be excluded from the count of properties owned by a buyer (A) if there is already a Contract or an Agreement to sell his property and the new buyer (B) has exercised his option to buy the property

Makes sense, thanks!

De-coupling..

kulgai

Alfrescian

iluvgst

Alfrescian

yellowarse

Alfrescian (Inf)

Papsmearer

Alfrescian (InfP) - Comp

xpo2015

Alfrescian

halsey02

Alfrescian (Inf)

kulgai

Alfrescian

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