Tax on sale if condo & deductions

[Airwolf]

When you sell a condo here, I believe you pay "income" tax on the profits.

 

I would have assumed you deduct expenses, but TIT, so just checking.

 

Let's say you buy a fixer upper for 2 million baht.

You spend 500k baht on renovations and repairs.

 

Later you sell for 3 million baht. 

 

Profit is 500k? Or 1 million?

 

 

[Dan SG]

Yes, TiT and it doesn't work like that - unlike most countries that tax the gain, Thailand basically taxes the sales proceeds, so the cost of acquisition and any renovation costs are irrelevant.   There is a set formula to calculate the income tax based on the appraised value and length of ownership. 

[scubascuba3]

Also extra taxes if you have in company name

[timendres]

Here is a calculator that can help you estimate the transfer taxes:

https://herorealtor.com/property-transfer-tax-calculator/