Asked by Chia
Hi Guru, my husband and I each owned 1% of our current property which is a condo. The house was bought in my in laws name, however to pay down the loan faster, we each purchase a 1% share from her so that we can utilise our CPF funds to pay down the loan. She now owns 98% while we own 2%. With the current ruling of the 7% ABSD on a second property, my husband & I are unable to purchase our own without incurring the 7% since our names are in the current condo. We are thinking of withdrawing our 2% in this current condo so that we will not be taxed 7%. My questions are : Can my husband withdraw ONLY his name and later use only his name to purchase our own property? Or the law says that both husband and wife must withdraw together (since we are spouses) in order to buy the next property? Third, what is the stamp duty we have to pay for this procedure ? Thank you very much and have a nice day!
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