Tax On Selling A Condo ?

[pop3]

Sorry if this is posted somewhere else but I have not seen it. My question is this. I have owned my condo now for 3 years, I'm sure I have read somewhere that if you keep it for 5 years then when you sell it you can sell it tax free ?

Can some body clarify this and also if possible the estimated tax that would be charged on condo of around 1.2 mil baht.

Thank you for any help.

[richard_smith237]

Interesting topic - I can't help, but I'm adding my comment to this so I can follow the topic - I intend to sell my condo this October after 3 years of ownership too (6MB - and I don't want to be paying tax on that - I wasn't aware any tax was payable, especially if the money is going to be invested in another project, i.e. building a house).

[PattayaPhom]

Tax consistes of three elements totalling between 6.3%-7.3%..if you have held it over 5 years the personal tax element isnt paid which dosnt apply to you. The valuation may not be accurate to the selling price and dependent which land ofice you come under and who you know there will determine the valuation given

[ballbreaker]

Sale of condo requires payment of following fee/taxes on date of transfer at land office. Who pays which will be determined by bargaining skill of seller and buyer. I have noted what is generally intended.

Transfer fee - 2% of assessed value. (buyer or shared)

Stamp duty - 0.5% of sale price. Paid only if owned over 5 years. (seller or shared)

Special Business Tax - 3.3% of sale price. Paid only if owned less than 5 years. (seller)

Withholding Tax - progressive rate on assessed value. (seller)

If you want details on transfer fee, stamp duty and special business tax read website link.

http://www.doingbusinessthailand.com/thailand-property/selling-a-condominiumtaxes-and-government-fees-applicable.html

If you want details on withholding tax read website link.

http://www.doingbusinessthailand.com/thailand-property/selling-a-condominium-how-is-the-withholding-tax-calculated.html

Edited May 26, 2012 by ballbreaker

[doggie888888]

Does it make a difference if the seller is a company?

[meand]

I found this table useful, it is for the sale of a 10 million baht condo. Notice the tax is almost the same if you sell after 10 plus years vs after 1 year. Year 5 you pay the most, at least in this scenario. Transfer fee could possibly be halved or even eliminated depending on your negotiating skills. (source: http://www.cbre.co.th/en/bangkok-condo-information.asp).