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ABSD remission is applicable if 2nd private property is jointly purchased by a couple, provided the couple sells off their first jointly owned property. My doubt is the form of ownership is restricted to joint-ownership, or remission is also applicable for property held as tenant-in-common (e.g. 99-1) ?
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6 Answers

Hi,

To my understanding, it is not restricted to joint tenancy, tenancy-in-common is also applicable as long as it is jointly purchased by the married couple only (for both the existing and the next property). There are also other criteria like selling within 6 months of the 2nd private property completion (if resale) or upon TOP (if new condo), at least 1 singaporean owner, and for the first property both owners must fully dispose their interest in their property. You may wish to write in to IRAS to get final confirmation.

Also this falls under ABSD refund, where you pay the ABSD for the 2nd property first, before applying for this refund based on fulfilling the set of conditions as laid out by IRAS.

Hope the above clarifies. May I have more info and requirements about your plans so as to make better recommendations? Thanks and look forward to value-add to your housing plans.

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Hi Sir/Mdm,

As long as the husband and wife are owners to the property, they are eligible for the remission regardless on the manner of holding.

I have assisted and advise my clients on the remission process before. Please feel free to contact me if you need any further assistance on the remission.

Regards,
Nick Tan
(M) +65 96 44 48 54
B.Eng(Chemical)(Hons)(NUS) / Cert-in-REA
(E) nick96444854@gmail.com

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Hi, appreciate your sharing. Able to double check with legal advise or law firm before proceeding.
Looking forward to assist you at 9696 4398  or email me at stewartlim96964398@gmail.com

Cheers
Stewart-PropNex Read More
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(PART 1 OF 2)

My answer with regards to your Question:

Eligibility for remission is granted to the husband and wife, irrespective of the manner of holding, as long as they both hold ownership of the property.

I am Happy to Help with No obligations! If you have any more questions or need assistance, FEEL GOOD to let me know. I am here for You! Cheers :)

Able Toh, Singapore Mobile :( +65) 9856 9255 

—————————

(PART 2 OF 2)

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Hi, hopefully you managed to get your doubt or query answered. If so, then congrats! Hopefully you are doing well now.

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If you are interested in prices of houses in your neighbourhood, you may visit this website to find out more or contact me.

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landonchew@email.com Read More
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