The Inland Revenue Department (IRD) has clarified that individuals selling their residential property or personal vehicles can now do so without paying tax, provided certain conditions are met.
An official from the IRD said that for residential property, sellers are exempt if they have held legal ownership for at least three years prior to the sale and have resided at the location for over two years during that period. If these criteria are satisfied, the full amount from the sale is tax‑free.
He further said that transfers of property to family members or children are also exempt, with tax applying only when sold to third parties.
On vehicles, the IRD official said the previous taxation system has been removed under the amended act.
He explained that from April 1, 2024, the sale of personal vehicles is entirely tax‑free, regardless of the vehicle’s age, condition, or model.
The exemption applies solely to personal vehicles, with the entire profit from the sale free of tax, the IRD official added. (Newswire)