Asked by Kalen Smith
I've a question regarding some property tax implications. (SSD / ABSD) I own a semi D (1st property) under my sole name.
Assume my wife will purchase the adjacent semi D (also 1st property under her sole name)
Upon URA approval, if we tear down the combined semi D and build a single detached dwelling with a single address, what are the tax implications?
Are we subjected to SSD or ABSD? Will the single detached dwelling become a 50/50% joint ownership between my wife and myself?
In that case, since there is no property purchase/selling, will there be any SSD or ABSD payable?
Assume my wife will purchase the adjacent semi D (also 1st property under her sole name)
Upon URA approval, if we tear down the combined semi D and build a single detached dwelling with a single address, what are the tax implications?
Are we subjected to SSD or ABSD? Will the single detached dwelling become a 50/50% joint ownership between my wife and myself?
In that case, since there is no property purchase/selling, will there be any SSD or ABSD payable?
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