AskGuru Q&A Community

Get answers from PropertyGuru experts in 24 hours

Asked by
Hi,

I plan to buy a 1 bedder condo (let say 600k). I will let my sister to stay in the condo without charging her rental. She will pay for all the maintenance fee, utility fee and sinking fee, and she may pay me up to SGD1000 as appreciation for my kindness to let her stay. So in this case, what will be the property tax and rental tax incur? Which property tax will I need to pay (owner occupied or non-owner occupied)? Do I need to pay any rental income tax?

Thanks!
0 •
510 views
Upvote Upvoted
Want this question answered?
Get faster responses from our experts by upvoting.
Be the first to upvote this question.

1 Answer

Michelle Lim
Replied
Hi!

As far as IRAS is concerned, you will need to pay non-owner occupied property tax rate for this 1-bedder, unless you plan to stay in the condo together with your sister.

Having said that, if you are staying elsewhere in another property which you own, you can apply for owner-occupied tax rates at that property.

Rental income tax will be incurred if there is a proper tenancy agreement drawn up and "stamped" with IRAS between you and the occupier of the unit.

I will be happy to elaborate more on your other question in greater detail over the phone, or assist in other areas of your plan. Please feel free to contact me anytime for a no-obligations discussion!

Thanks & Best Regards,
Michelle Lim
Marketing Director
ERA Realty Network Pte Ltd
Mobile: 81861036  Read More
0
Upvote Upvoted

Still looking for answers?

Get answers from PropertyGuru experts in 24 hours

Ask Your Question
Previously Asked Questions