IRAS – No Changes to Tax for Property Gains

Nothing new is springing up from Inland Revenue Authority of Singapore (IRAS), after a period of uncertainty especially to property investors with the recent speculations of government measures to firm up the possible taxation of property owners selling their assets for capital yield.

Previously it was proposed that an individual who sells a property would not be taxed on the profit if he had not sold any other property in the preceding four years.

The public consultation process for the proposal attracted 64 responses with 60 opposing the change. This rule would be confusing to sellers amidst the economy which seems to start finally picking up pieces.

The gray area of how IRAS actually goes after property owners who transacts property on a regularly basis will still persist, but its still better than punishing long term investors who deem investing in property as a financial tool to hedge inflation over a long period.

Written by Benson Koh
Benson is a professional real estate realtor with over 11 years of experience specializing in all forms of real estate consultancy and brokeraging of different segments from regal homes to commercial spaces. Also a boutique developer, he manages both SRI5000 Developments which concentrates on landed homes as part of his land bank segment and Singapore Realtors Inc (SRI), a real estate agency which has over 7 years of group experience. You can reach him here via various channels. [ Facebook | Linkedin | Twitter | RSS Feed ]