House & Land Sale Taxes On Sale

[Beardog]

Hi ,

We are in the process of selling our land & house. The land in July 26 will be owned for 5 years. The house & land is in my girls name THAI NATIONAL.

We agreed to pay all the taxes for transfer.

Does anyone know what the breakdown in % are?

I heard we are exempt from the 3.1 business tax due to Alisa being Thai & the house is in her name.

Her sister paid 5% to transfer in Chonburi area & we are in Bang Saray-Sattahib area. I realize it will go up in price at the end of this month .But the estimate we checked on today I know is wrong & the gal wasn't sure & told us to come in July & bring in papers to get a better idea. It looks like she figured 9% & I know that cant be correct.

Any help would be greatly appreciated.

Thanks Barry

[Beardog]

Sorry I couln't find the edit feature. The house is 1&1/2 years old on land owned 5 years come july 26th.

[ballbreaker]

Being Thai does not exempt you from any of the transfer cost to my knowledge.

The following are current rates and payer of each is usually determined during contract negotiations. I noted what I feel was 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)

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)

[steelepulse]

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

Any idea what this amount is?

[dave111223]

We agreed to pay all the taxes for transfer.

Pretty foolish without first finding out what the actual costs will be.

You can use the above mentioned rates to calculate what you think the rates should be, but the only way to be sure what the actual costs are going to be is to visit the land department and have them calculate the real taxes/fees first.

[Khun Jean]

I always use 5% as an easy figure to calculate with.

In practice it is always lower than that, but calculating yourself rich is worse.

Even if it is within 5 year your only of .3%.

[Beardog]

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

Any idea what this amount is?

Sold for 3.8 mil but the land office is going to reduce the price for a donation

[Beardog]

It should come out to 5% from others I have heard. I think the gal made an estimation error maybe due to a mistake made when we sold 3 Rai & they remade the original chinote to 2551 instead of 2550 . In july 26 it will be 5 years & we have all the documents showing the date is wrong.+ A copy of the old signed off chinote July 26 2550 & the original lawyers documents showing the dates as well. I figured close to 200,000 baht maybe less. The lands actual price is 450,000 baht for a rai x 1.5 rai +50 nagn. The house actual I believe filed with the navy is 1.2 mill. Those are what the land office said they go by. We chose to pay for the final because we did well on the sale. I just want to make sure that I know the roundabout figure so if my gal opts to do the donation way we are still paying on the proper amount. From what I gather the 5 years goes back to the land transfer & not when the house was built(which was a year & a half ago when we close the deal at the land office)

Thanks for the help!!!!!!!!!!!!!!!!!!!!!!!!!.

Edited May 29, 2012 by Beardog

[meand]

We agreed to pay all the taxes for transfer.

Pretty foolish without first finding out what the actual costs will be.

You can use the above mentioned rates to calculate what you think the rates should be, but the only way to be sure what the actual costs are going to be is to visit the land department and have them calculate the real taxes/fees first.

Well, that would def depend on the price you got in that negotiation.