Tax On Selling Condo

[SoloFlyer]

Hi,

Have a buyer for a condo, hopefully. Lets say agreed price is 4.5mill; land departments valuation, 4mill. Buyer is suggesting we can minimize tax by declaring it an 'urgent' sale and declaring sale price as 3mill (with a separate contract for full sale price).

Thoughts and implications??

Thanks

[dave111223]

Seeing as for tax they use the higher of the land department valuation, or the sales price, then it wouldn't make much sense to declare a price lower than 4mil.

[PattayaPhom]

If the land office valuation is 4 Mil thats it, unless you know someone there that will allow you to pay on a lower value.

[SoloFlyer]

Thanks. Have since been told that its common practice for this particular tax - forget the name.