1 Housing transfer tax exemption expanded, the balance will be applied from today’s registration

The Ministry of Strategy and Finance held a cabinet meeting at the government complex in Seoul on the 7th and announced that the amendment to the Income Tax Act would come into effect from the 8th, raising the tax-exempt standard for capital gains tax from 900 million won or less to 1.2 billion won or less.

From the 8th, if the owner of one household per household meets the tax-free requirements, such as holding for more than two years, when the transfer price does not exceed 1.2 billion won, transfer tax will not be levied on the transfer gains.

The changed transfer tax standards apply if the earlier of the balance payment date and the registration date is after the 8th. Even if the date of the purchase contract or the payment of the interim payment is before 8 days, if the earlier of the balance date or the registration date is after 8 days, the changed standard is applied. If the house is not in the area subject to adjustment, it is exempt from taxation when it is held for more than two years. When disposing of a house in an area subject to adjustment, it is necessary to satisfy the two-year or longer residence requirement in addition to the two-year or longer requirement to receive tax-free benefits.

Sejong = Reporter Song Choong-hyun [email protected]

close the window

Recommend an article1 Housing transfer tax exemption expanded, the balance will be applied from today’s registrationBest Featured News

Facebook
Twitter
LinkedIn
Pinterest
Pocket
WhatsApp

Leave a Reply

Your email address will not be published.

This site uses Akismet to reduce spam. Learn how your comment data is processed.