House Sale

[ESB7]

Does anyone know, maybe an agent or someone who has recently sold their house know of the taxes that need to be paid and when and to who?

My wife says 3% to the land office but isnt sure 3% of what?

The land title is Chanote bought in 2007 for 1.2 million Baht and is in wifes Thai National name and is being sold to Thai National also.

50,000 was paid for land fill and 1.6 million for constuction, furniture and garden.

Price sold is 8.3 million.

Profit is 5.45 million so is it 3% of that? Is land appreciation taken into account or is there a kind of tappering relief over how many years land/property was owned?

We took a deposit today with the balance being paid next Friday and the transfer at the land office. Dont want any nasty shocks so anyone know the exact % and of what and how it is paid. we will need to pay next week at the land office?

[Slaps]

3% of what ever you say or agree you sold it for, if you know what a mean

[ESB7]

3% of what ever you say or agree you sold it for, if you know what a mean

Thanks for that but when we bought the land the seller wanted to say we only paid 200,000 and I said no way. Our buyers are of the same mind and want the correct selling price noted so they do not have any extra tax liabillities in the event they sell in the future. So are you saying it is a one off payment of 3% to the land office in the difference between bought/sold price on completion of transfer?

[Slaps]

3% of what ever you say or agree you sold it for, if you know what a mean

Thanks for that but when we bought the land the seller wanted to say we only paid 200,000 and I said no way. Our buyers are of the same mind and want the correct selling price noted so they do not have any extra tax liabillities in the event they sell in the future. So are you saying it is a one off payment of 3% to the land office in the difference between bought/sold price on completion of transfer?

You pay 3% of the total of what you sell for

[petertucker48]

Selling tax until 26th March 2010 at least has been reduced from 3% to .1% yes .1%

Just sold my house last week not sure what the selling price of the house was to the Land Office !!! (the girls doing the deal)

May have been ฿1,000,000 ???

But all the taxes came to just ฿11,000 (nearly had a heart attack !!!)

[ESB7]

Selling tax until 26th March 2010 at least has been reduced from 3% to .1% yes .1%

Just sold my house last week not sure what the selling price of the house was to the Land Office !!! (the girls doing the deal)

May have been ฿1,000,000 ???

But all the taxes came to just ฿11,000 (nearly had a heart attack !!!)

Cheers Peter, you are correct at 1%...we checked today and that was confirmed so a great saving. I was worried there may be other taxes like CGT but apparently not.

Good that you also sold your place...out of interest, was it to a Thai National. We tried the European market but it was full of dreamers and timewasters so went for the BKK Thai market and got a buyer within 2 months.

Are you staying in Cha am or moving on?