Taxes And Costs Selling A Condo

[Tammi]

Please can somebody tell me what the taxes and costs are when selling a condo. Stamp Duty, Transfer Fee, Business Tax, Withholding Tax, Capital Gains Tax?

If property was in joint names and then changed to one name due to separation, divorce, death of a partner, would this change make a difference to Business Tax payable?

[glyph]

These questions have been asked and answered a dozen times. Use the search function to find what you need.

[tangoll]

I just completed sale of condo unit held less one year: total tax and fees paid at Land Dept office on a declared transaction value of 7.25 mil baht was 45,400 baht. These taxes included specific business tax, withholding tax, stamp duty, and transfer fee, all in, everything. This computation was under the reduced rates introduced in April 2008 and effective for one year.

[Tammi]

I just completed sale of condo unit held less one year: total tax and fees paid at Land Dept office on a declared transaction value of 7.25 mil baht was 45,400 baht. These taxes included specific business tax, withholding tax, stamp duty, and transfer fee, all in, everything. This computation was under the reduced rates introduced in April 2008 and effective for one year.

Many thanks for your kind reply. You are obviously a much nicer person than Glyph but perhaps he doesnt know how difficult it is to do a search because any word under 5 letters is not recognised.

[Tammi]

I just completed sale of condo unit held less one year: total tax and fees paid at Land Dept office on a declared transaction value of 7.25 mil baht was 45,400 baht. These taxes included specific business tax, withholding tax, stamp duty, and transfer fee, all in, everything. This computation was under the reduced rates introduced in April 2008 and effective for one year.

Many thanks for your kind reply. You are obviously a much nicer person than Glyph but perhaps he doesnt know how difficult it is to do a search because any word under 5 letters is not recognised.

Therefore if I sell a condo for 8.5m I should be looking at a total bill from Land Office of about 53,200?

[tangoll]

There are different formulas and rates for each tax/fee due; so it's not a straight or linear extrapolation. It also depends on how many years the condo has been held under the current owner's name(s). But I would say that your estimate of about baht 53,000 wouldn't be too far off the actual amount calculated by the Land Dept office.

In your first post, you imply that the sale would be done by related parties; ie joint names to single name due to whatever. In that case, you could declare a reasonable value for the transaction, which would reduce your tax/fee liability somewhat. You might also consider a small donation to smooth the process.

But you better have some local person familiar with this Land Office/transfer of ownership process to help you. If it's a condo unit, you also need a letter from the condo juristic person stating that the unit has no money owing on it, and if the purchaser is a non-Thai, you will need a letter from the juristic person certifying the foreign quota status of the condo building, and more importantly, the purchaser must provide the Foreign Exchange Transaction Certificates showing the import of funds to make this purchase.