Capital Gains Tax On Condo Sale

[lovetheriver]

I have just invested in the new project @THE RIVER, bangkok.

I am having conflicting info re: profitable tax upon sale , as a non thai resident.

Considering its still totally off plan, as in, not started, anything could change between now and completion, but does anyone have an actual experience?

I have been told 3.3%, which just sounds fab! Almost too good to be true!

[wineguy]

I have just invested in the new project @THE RIVER, bangkok.

I am having conflicting info re: profitable tax upon sale , as a non thai resident.

Considering its still totally off plan, as in, not started, anything could change between now and completion, but does anyone have an actual experience?

I have been told 3.3%, which just sounds fab! Almost too good to be true!

I had a very quick look at these places when I was in Bangkok recently. Out of curiosity what range are they in?

[Temporaneo]

I have just invested in the new project @THE RIVER, bangkok.

I am having conflicting info re: profitable tax upon sale , as a non thai resident.

Considering its still totally off plan, as in, not started, anything could change between now and completion, but does anyone have an actual experience?

I have been told 3.3%, which just sounds fab! Almost too good to be true!

If I well remember, the 3.3% is the "business tax" that applies on the whole amount of sale, not just on the capital gain. I am afraid you have to declare capital gain in form 56-1 and pay taxes on it as any other income (guess 25%).

[lovetheriver]

I have just invested in the new project @THE RIVER, bangkok.

I am having conflicting info re: profitable tax upon sale , as a non thai resident.

Considering its still totally off plan, as in, not started, anything could change between now and completion, but does anyone have an actual experience?

I have been told 3.3%, which just sounds fab! Almost too good to be true!

I had a very quick look at these places when I was in Bangkok recently. Out of curiosity what range are they in?

average price is 120,000 per sq mt.... 3 to 4 yr completion!

[Martin_F]

Take a look here http://www.globalpropertyguide.com/country...id=as&cat=4

There is also an exemption if you roll over the proceeds for the purchase of another house.

Capital Gains Tax

Capital gains derived from the sale of immovable property are taxed at the standard income tax rates. The capital gains can either be included in the aggregate income or taxed separately.

If the gains are taxed separately, the tax liability is subject to a special computation and the maximum tax rate applicable is 20%.

The taxable gains earned from selling a Thai property is computed as selling price or the market value of the property less some deductions. The deductions are percentages of the gross amount and these percentages depend on how long the property was held before the sale or the transfer.

CAPITAL GAINS TAX

HOLDING PERIOD DEDUCTIBLE EXPENSES

1 year 92%

2 years 84%

3 years 77%

4 years 71%

5 years 65%

6 years 60%

7 years 55%

8 or more years 50%

The actual expenses incurred can be deducted, especially if it is higher than the standard deductions stated above, but it must be supported by documents.

The balance from the above computation will be divided by the number of years the property was held, whereby the outcome is taxed at the appropriate tax rate. The resulting tax liability will then be multiplied by the number of years the property was in the taxpayer’s possession to arrive at the final tax liability.

But if the property was acquired as a gift or by inheritance, 50% of the proceeds (selling price or market value) are deductible as expenses. The balance or 50% of the proceeds will be divided by the number of years the property was held, whereby the outcome is taxed at the appropriate tax rate. The resulting average tax liability will then be multiplied by the number of years the property was held to arrive at the final tax liability.

[Martin_F]

BTW why did you make it a poll?