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My wife and I purchased a private residential property on 1 Oct 2005. On 10 Mar 2022, my wife transferred her half share of the property to me by way of gift. As a result, I became the sole owner of the property. I sold the property on 1 Sep 2022. As I have been an owner and occupant of the property since 1 Oct 2005, do I need to pay Seller's Stamp Duty (SSD) on the sale?
iras
Since you acquired your wife's half share of a property on 10 Mar 2022 and sold the property on 1 Sep 2022, which is within the SSD holding period, SSD at the applicable rate is payable on the half share of the property that you acquired from your wife.
SSD payable amount is computed based on the higher of the selling price or market value of the property.
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