Income tax payment required for real property exchange
Update: 30-10-2014 | 08:43:36
If real estate is exchanged between July 1, 1994 and January 1, 2009, the people who use the property have to make a one-time personal income tax payment.
This is based on the Ministry of Finance's circular to clarify Decree 91/2014/ND-CP, which takes effect on November 11, 2014. Those who have exchanged property before July 1, 1994, need not pay personal income tax.
The Law on Personal Income Tax, which has been enforced since January 1, 2009, says that individuals who have exchanged property have to make a one-time personal income tax payment for each exchange.
This regulation applies to transactions certified by either formal notarized contracts or handwritten contracts.
(Source:VNS)
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