Reported 11 months ago
As of June 26, 2024, those who have lived in a property for 6 years can benefit from a 4 million tax exemption, with any remaining profit subjected to a 10% preferential tax rate. By extending the ownership period of a property, the tax amount decreases accordingly, providing significant savings compared to non-self-occupied properties. The government allows individuals to apply for a refund of the consolidated property tax paid when they repurchase a residential property for self-use, to cover any shortfall in purchasing a new property. Taking advantage of these tax benefits can lead to substantial savings, as illustrated in a case study where a seller was able to benefit from the tax exemption and a favorable tax rate, resulting in a significant tax reduction. It is advised to be mindful of the tax regulations for old and new properties to maximize tax savings when engaging in property transactions.
Source: YAHOO