Taxes On Sale Of Condo With Improvements

[Foreverford]

I haven't seen this addressed but maybe I've missed it. The question is if I buy a 1 million baht condo spend 1 million fixing it up and sell it for 3 million would the tax be based on 1 million in profit. I know it is different based on the length of ownership but let's say for 2 years and for 6 years. If it is somewhere in these archives a thread would be gratefully appreciated Thanks much PS if the improvements are to be part of a two million baht "basis" would I need to submit the receipts to the Land Office at the sale for them to figure my taxes? thanks again

[tangoll]

On a sale of a condo unit, the taxes and fees payable at the Land Dept on date of transfer are calculated solely from the transaction value reported to the Land Dept by the seller. The transaction value could be the sales price or if the Land Dept decides, they might use their own assessed value for the property being transferred. There is no calculation based on cost or profit made on the unit.

[Foreverford]

On a sale of a condo unit, the taxes and fees payable at the Land Dept on date of transfer are calculated solely from the transaction value reported to the Land Dept by the seller. The transaction value could be the sales price or if the Land Dept decides, they might use their own assessed value for the property being transferred. There is no calculation based on cost or profit made on the unit.

Thanks Tongol I thought it may have been that way. It is in fact a sales tax not an income tax but they do refer to it in the receipt for the sale as income tax. It doesn't matter what word they use it all ends up being Thai baht out of the pocket. Thanks again