Specific Business Tax when selling condo

[lkn]

At SamuiForSale I see that an individual does not have to pay Specific Business Tax if “the seller has possessed the property more than five years before the transfer (the transferred real property has been used as the principal place of residence, and the seller’s name appeared in the house register for not less than one year from the date of acquiring such property).”

 

What concerns me is the latter part (that I underlined), because while my condo is for my own personal use, I am not aware of having my name in any house register, and from what I am reading, getting a yellow book (Tabien Bahn) is a lot of work and provides no benefits (and I am not here full time).

 

Can someone clarify this requirement, how necessary it is, if it can be fixed even after having owned the condo for more than one year, and any other point you may have to add.

 

For the records, the condo in question is in Chiang Mai.

Edited June 12, 2017 by lkn

[trogers]

Your underlined part is applicable for property owned between 1 to 5 years.

 

Over 5 years ownership qualifies for SBT exemption automatically.

[skatewash]

On 6/12/2017 at 6:40 PM, trogers said:

Your underlined part is applicable for property owned between 1 to 5 years.

 

Over 5 years ownership qualifies for SBT exemption automatically.

That's not how I read what the OP posted from SamuiForSale.  As I read it the conditions under which the sale can be exempt from SBT are the following:

 

1) property has been held for at least five years,

2) property has been used by the seller as his principal residence, and

3) the seller has registered his name in the house register within a year of acquisition

 

My understanding is that if one has held the property for less than five years prior to sale that SBT is due.

The use of the phrase house register is not entirely clear, however.  Does it refer to the yellow tabien bahn that can be obtained by a resident of the property, or does it refer to some register that is kept at the Land Office naming the registered owner of the property.  The blue tabien bahn the purchaser is given by the Land Office upon registration does not contain the owner's name if the owner is a foreigner.  The foreign owner can get a yellow tabien bahn from the local amphoe office which will have his name recorded.  

If it were me I would get a yellow tabien bahn just to make sure.  In fact, that is what I have done, but I can't say I knew it was required.  If the information from the OP can be relied upon it sounds like it might be required.

[trogers]

8 hours ago, skatewash said:

That's not how I read what the OP posted from SamuiForSale.  As I read it the conditions under which the sale can be exempt from SBT are the following:

 

1) property has been held for at least five years,

2) property has been used by the seller as his principal residence, and

3) the seller has registered his name in the house register within a year of acquisition

 

My understanding is that if one has held the property for less than five years prior to sale that SBT is due.

The use of the phrase house register is not entirely clear, however.  Does it refer to the yellow tabien bahn that can be obtained by a resident of the property, or does it refer to some register that is kept at the Land Office naming the registered owner of the property.  The blue tabien bahn the purchaser is given by the Land Office upon registration does not contain the owner's name if the owner is a foreigner.  The foreign owner can get a yellow tabien bahn from the local amphoe office which will have his name recorded.  

If it were me I would get a yellow tabien bahn just to make sure.  In fact, that is what I have done, but I can't say I knew it was required.  If the information from the OP can be relied upon it sounds like it might be required.

Land Office only holds records of title deeds. The dates when ownership changes.

 

Tabien baan is a house register of the district office. BMA if in Bangkok.