The Seller’s Stamp Duty (SSD) is an unavoidable cost when it comes to selling a property, but fret not! You might be surprised to know that there are exemptions from it. For example, you will not have to pay the SSD when selling your flat, if you meet the Minimum Occupation Period (MOP) before doing so.
First implemented in 2010 to prevent the industry practice of flipping properties, the SSD is levied on you and extends to all private residential properties sold within three years after their purchase date.
Now, read on to find out more about what the SSD is all about!
What exactly is Seller’s Stamp Duty?
Only applicable for properties bought on, or after, February 20, 2010, SSD is a payable tax that is imposed on all residential properties that are sold within the stated minimum holding period of three years from which the property was purchased.
What are the 6 Exemptions from SSD?
According to the Inland Revenue Authority of Singapore (IRAS), here are the exemptions from SSD:
- Residential property owners who are declared bankrupt and required to disown their properties as a result of bankruptcy.
- HDB flat transferors or sellers who purchased or attained their properties on or after 30 August 2010, and sold their flats in the open market before HDB claims them, after their flats are identified for Selective Enbloc Redevelopment Scheme (SERS).
- HDB flat sellers or transferors who return their flats to HDB after re-possession by HDB or under the SERS.
- An existing HDB flat owner inherits an HDB flat, and required by HDB to discard of either the inherited HDB flat or the existing HDB flat. This exemption extends to flat disposals on or after 18 December 2015.
- A non-HDB flat owner inherits an HDB flat, and is required by HDB to discard of the inherited HDB flat. This exemption extends to flat disposals on or after 18 December 2015.
- The couple each owns an HDB flat, and required by HDB to dispose of either one of the HDB flats. This exemption extends to flat disposals on or after 18 December 2015.
Understanding all about stamp duties is beneficial when it comes to buying and selling properties. Rest assured Ohmyhome is here to help with our Fixed Rate Agent Services if you need more assistance in selling your next home. Or you may call us at 6886 9009 to secure an appointment today.
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