Selling your Property

There is a checklist of things to do when selling your property, such as paying outstanding tax, terminating existing GIRO payments and submitting claims for tax refunds.

Pay Outstanding Property Tax

Property tax is payable yearly in advance by the month of January. You should have paid the full year tax by 31 Jan before you sell your property.

If you have not paid the full year tax, or if you are paying tax by GIRO, we advise you to check your outstanding property tax  and make payment before the completion of sale of your property.

Please do not terminate your GIRO arrangement before paying off the outstanding tax.

Apportion Property Tax Liabilities

After selling your property, your buyer may need to reimburse a portion of property tax already fully paid for the year by you – the seller. The apportionment of property tax liabilities is a private arrangement between the seller and buyer.  Your lawyer or HDB officers (for HDB flats) would usually assist you in apportioning the tax amount and in seeking the reimbursement from the buyer. 

IRAS does not apportion nor arbitrate property tax liabilities between the parties.

Terminate any GIRO Payment Arrangements

Pay your outstanding property tax before you terminate your GIRO payment arrangement. Your GIRO payment arrangement will be automatically terminated once we have been notified of your property transfer.

Please contact us or inform your bank if you wish to terminate the GIRO arrangement before the completion of sale. If there is any outstanding tax upon the termination of GIRO, pay the outstanding tax immediately to avoid the imposition of a 5% penalty on the outstanding tax.

Inform IRAS at least one week before the end of the month if you wish to cancel the GIRO deduction for the following month. If we do not receive any instruction from you, the bank will continue to deduct the payment from your GIRO account for the following month.

Claim for any Property Tax Relief

If you are eligible for the owner-occupier tax rates and have not applied, you will need to submit the application at least 6 weeks before the property is transferred.

IRAS will not accept your application after you cease to be the owner of the property. If you are successful in your application, any claim for refund of tax has to be made within 5 years of the excess tax paid.

Notify IRAS of the Property Transfer

Usually your conveyancing lawyer would notify IRAS of the sale or transfer of your property within 1 month of the sale or transfer by filing a Notice of Transfer. You need not write to separately inform IRAS of the property transfer.

If you continue to receive Valuation Notice or bill from IRAS more than a month after the transfer, you can check with your lawyer whether he has filed the Notice of Transfer.

For details, please refer to If you fail to submit the Notice of Transfer on time or are late in submitting the Notice of Transfer.

If your property is a HDB flat, HDB will notify IRAS of the transfer of your flat.

Pay Seller’s Stamp Duty (if applicable)

You may need to pay a Seller's Stamp Duty (SSD) , if you sell or dispose the property within 4 years of acquisition. SSD is payable within 14 days of the date of Contract/Agreement.

Please check with your lawyers whether you are required to pay SSD based on your circumstances. For details on SSD, you can refer to IRAS website on Stamp Duty.

Capital Gains from Sale of Property

Generally, the gains derived from the sale of a property in Singapore (also known as capital gains) are not taxable. However, when your main income is derived from trading in properties, the gains from the sale of property will be taxed. Find out more on Gains from Sale of Property.

  • How do I terminate my GIRO arrangement?

    To terminate your GIRO arrangement, you can call IRAS on 1800 356 8300 or email us.

RATE THIS PAGE

  • Strongly Disagree
  • Strongly Agree

Information is easy to understand.

Information is useful.

Information is easy to find.

 
Please email us if you would like us to respond to your enquiries.