Gains from sale of property
Generally, the gains derived from the sale of a property in Singapore is not taxable as it is a capital gain.
When is it taxable
When a person is deemed to be trading in properties, the gains from the sale of property in Singapore is considered taxable income. Whether a person is deemed to be carrying on a trade will depend on individual circumstances.
Some criteria used to assess if you are trading in properties are as follows:
- Frequency of transactions (buying and selling of properties)
- Reasons for acquiring and selling of property
- Financial means to hold the property for long term
- Holding period
How to report
You have to declare taxable gains from the sale of property under 'Other income' in your tax form.
If you are unsure whether your gains from sale of property, shares or financial instruments are taxable, you may send us your query by email, fax or post.
Gains from sale of shares & financial instruments
Generally, profits or losses derived from the buying and selling of shares or other financial instruments are viewed as personal investments.
These profits are capital gains and are not taxable.
You need not report such gains in your tax return.