ABSD for the new BTO Flat during lease signing stage, if you own a resale flat ?
To Whom It May Concern:
I have a question about Stamp Duty.
I am applying for a HDB BTO flat in BTO exercise and I currently own a HDB resale flat for more than 7 years.
As per process, if I am successful with HDB BTO balloting, during signing of lease agreement, which will happen 4-6 months after successful BTO ballot, I am supposed to pay down payment, stamp duty and legal fees. Since the new BTO flat will take 4-4.5 years to build and will not be ready for possession for next 4-4.5 years, I will not be selling my current resale HDB flat till the new BTO flat is ready for possession which will happen 4-4.5 years later.
The question I have is - about Additional Buyer Stamp Duty (ABSD).
If I am successful for BTO balloting, then, at the signing of the lease agreement stage which will happen 4-6 months after successful BTO ballot result, Am I required to pay Additional Buyer Stamp Duty (ABSD) as well, on top of the usual/normal Stamp Duty ?
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https://www.iras.gov.sg/taxes/stamp-duty/for-pr...(absd)
Found the answer. As per IRAS FAQ:
Question:
I am an SC married to a SPR. We jointly own a 3-room HDB flat. If we upgrade to a 5-room flat, do we need to pay ABSD?
Answer:
As HDB’s rules require buyers to dispose of their existing flats within 6 months from the possession of new HDB flats, ABSD remission will be given upfront. You do not need to pay ABSD when you buy the 5-room HDB flat.