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What is a Transfer by Way of Gift?
A document is considered as a Transfer by Way of Gift in circumstances where:
- A property is transferred to another person(s) with no consideration paid to the owner (transferor)
- The distribution of property is not in accordance to a Will, Intestate Succession Act or Muslim Law of Inheritance
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What are the stamp duty rates and how to compute?
Stamp Duty Rates
Stamp Duty is computed based on the market value of the property as at the date of execution / signing of the document.
The rates are as follows:
Conveyance
|
Duty
|
Based on the Market Value of the property as at the date of execution / signing of the document
|
- Every $100 or part thereof of the first $180,000
|
$1.00
|
- Every $100 or part thereof of the next $180,000
|
$2.00
|
- Thereafter, every $100 or part thereof
|
$3.00
|
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How to compute?
An example of the computation of stamp duty is as follows:
If the Purchase Price is $890,150 (round up to the nearest hundred = $890,200)
|
| Every $100 or part thereof of the first $180,000 |
($180,000 / $100) x $1 |
$1,800 |
| Every $100 or part thereof of the next $180,000 |
($180,000 / $100) x $2 |
$3,600 |
| Every $100 or part thereof of the remainder |
($530,200 / $100) x $3
|
$15,906 |
| Stamp duty payable |
$1,800 + $3,600 + $15,906 =
$21,306
|
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How to submit for stamping?
Documents executed (signed) before 1 January 2009
If you have signed a document relating to a transfer of property by way of gift before 1 January 2009, the document must be submitted to Commissioner of Stamp Duties for adjudication.
Adjudication and valuation fees will be charged accordingly. Taxpayers or tax agents are not permitted to e-stamp such documents.
Documents executed (signed) on / after 1 January 2009
If you have signed a document relating to a transfer of property by way of gift on / after 1 January 2009, you are not required to submit such documents for adjudication.
You can proceed to e-stamp the document based on the market value of the property as at the date of execution / signing of the document. You can stamp the document via the e-Stamping system using “Transfer of immovable property/ land/ stocks and shares by way of gift” module.
If you choose to submit such documents for adjudication, adjudication and valuation fees will be payable.
For more information, you can refer to the e-Tax guide on the stamp duty treatment and stamping procedure for gift cases (2nd edition) (107 KB).
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Will there be audit checks on such documents?
Audit checks will be conducted on all the documents relating to gift cases. If IRAS discovers cases of under-declaration of value, IRAS will recover the duty underpaid and may impose penalty depending on the circumstances of the cases.
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