Taxes Rate Sell Condo ?

[april81]

hello,

I bought a condo in august 2010 if i want to sell it how much i will pay taxes please ? The rate is the same in 10 years ? Thanks guys !

[Thaifan2]

I believe if you have owned it for 5 years or more your taxes are less ,when you come to sell .As to how much you pay it will depend on what value the land office put on the property .

[aussiebebe]

I also own a condo but never sold one, so I wanted to know about the taxes; I found BSA Law firm has a good website with information about the taxes. I looked at their 'Condo Tax Issues' page and read about Stamp duty, Personal Income tax and Specific Business tax.

[Thaifan2]

When you sell the taxes are usually divided between buyer and seller 50/50 .

If you do a search on this Forum you should get the tax percentages .As far as i remember there are about 3 different taxes involved .

Edited June 3, 2011 by Thaifan2

[pkrv]

Try this tread it should help

http://www.thaivisa.com/forum/topic/340087-Cash-Condo/

I think the information is as follows and available as a link from the pinned topic

Posted 2010-02-22 14:50:21

anyway, dont forget that income taxes DO apply when selling a condo....(but the income tax is not based on capital gains.... for an individual seller, the income tax is based on government assessed value, length of time of owning the condo and the progressive % rates of personal income tax here in Thailand)...here's a summary from my own experience:

A. VALUES

there are two values to keep in mind when selling/buying a condo...the official govt assessed value (OGAV) and the seller's and buyer's declared sale and purchase price (DSPP).

usually people declare a DSPP higher than the OGAV when selling & buying a condo, but that's not always the case...

B. GOVERNMENT FEES & TAXES applied at closing at the Land Office when selling & buying a condo (currently temporarily reduced until March 28, 2010)

1. Government Transfer Fee of 0.01% of the OGAV (after March 28, the normal 2% would apply)

2. Specific Business Tax (SBT) of 0.11% of the higher of the OGAV or the DSPP (after March 28, the normal 3.3% would apply).

[NOTE: if an individual owner/seller owned the condo for more than 5 yrs or 1 year (in the case of seller being registered in the tabien baan/household registry book for that condo) then SBT would not apply, BUT in that case stamp duty would apply.]

3. Stamp duty/tax (IF SBT is not paid). Stamp duty of 0.5% of the higher of the OGAV or the DSPP

4. Thai Income Tax (for an individual seller, income tax is payable according to a calculation based on OGAV and length of time of owning the condo, not on declared sales profits/capital gains)

5. if applicable, real estate broker commissions (commonly about 3% on actual sales/purchase price) but, in my experience negotiable with the broker prior to finding a buyer.