trực tiếp bóng đá k+Are siblings in Vietnam exempt from personal income tax when gifting land to each other?
Are siblings in Vietnam exempt from personal income tax when gifting land to each other?
Under Point d, Clause 1, Article 3 ofCircular 111/2013/TT-BTC:
Tax-free income
1. Pursuant to trực tiếp bóng đá k+ provisions of Article 4 of trực tiếp bóng đá k+ Law on Personal Income Tax, Article 4 of Decree No. 65/2013/ND-CP, tax-free incomes include:
...
d) Incomes from inherited real estate (including future houses and constructions according to regulations of law on real estate trading) between husband and wife, parents and children; adoptive parents and adopted children; parents-in-law and children-in-law; grandparents and grand children, and among siblings.
...
Thus, siblings gifting land to each other will be exempt from personal income tax.
Are siblings in Vietnam exempt from personal income tax when gifting land to each other?(Image from trực tiếp bóng đá k+ Internet)
What are trực tiếp bóng đá k+ regulations on trực tiếp bóng đá k+ personal income tax declaration for income from real estate transferin Vietnam?
Under Clause 3, Article 26 ofCircular 111/2013/TT-BTC, trực tiếp bóng đá k+ personal income tax declaration for income from real estate transfer is as follows:
- trực tiếp bóng đá k+ persons that earn incomes from real estate transfer shall declare tax when it is incurred, including trực tiếp bóng đá k+ persons eligible for tax exemption. Declaring tax in some cases:
+ If trực tiếp bóng đá k+ person puts up his rights to use land or house ownership as collateral loans or making payment at credit institutions, branches of foreign banks and fails to pay debts when they are due, trực tiếp bóng đá k+ branches of foreign banks and credit institution shall liquidate, sell such real estate, declare and pay personal income tax on trực tiếp bóng đá k+ person’s behalf before setting trực tiếp bóng đá k+ person’s debts.
+ If trực tiếp bóng đá k+ person mortgages his rights to use land or house ownership to take loans or make payment with other organizations or persons, then transfers trực tiếp bóng đá k+ whole or part of such real estate to pay debts, trực tiếp bóng đá k+ person that has trực tiếp bóng đá k+ rights to use land or house ownership shall declare and pay personal income tax, or trực tiếp bóng đá k+ organization/person doing trực tiếp bóng đá k+ transfer procedure on trực tiếp bóng đá k+ person’s behalf) shall declare and pay personal income tax on trực tiếp bóng đá k+ person’s behalf before settling trực tiếp bóng đá k+ debt.
+ Where a person transfers trực tiếp bóng đá k+ real estate to another organization or person under a court’s decision, trực tiếp bóng đá k+ transferor shall declare and pay personal income tax, or trực tiếp bóng đá k+ organization/person holding trực tiếp bóng đá k+ auction shall declare and pay personal income tax on behalf of trực tiếp bóng đá k+ transferor. trực tiếp bóng đá k+ real estate that is confiscated and put up for auction by competent authorities, personal income tax shall not be paid.
+ In case of every person that transfers land and houses that do not fall into trực tiếp bóng đá k+ case in which agricultural land is converted to serve production, which is eligible for exemption of personal income tax as guided in Point dd Clause 1 Article 3 ofCircular 111/2013/TT-BTC, each person that transfers land and houses shall declare and pay personal income tax.
+ If an organization/person declares personal income tax on real estate transfer on behalf of another person, such organization/person shall state “On behalf of trực tiếp bóng đá k+ taxpayer or trực tiếp bóng đá k+ taxpayer's legal representative”, sign, write trực tiếp bóng đá k+ full name, and append trực tiếp bóng đá k+ organization’s seal (if any). trực tiếp bóng đá k+ taxpayer in trực tiếp bóng đá k+ tax return and tax receipts is still trực tiếp bóng đá k+ person that transfers real estate.
- Real estate authority shall only initiate trực tiếp bóng đá k+ procedure for transferring trực tiếp bóng đá k+ ownership, rights to use real estate after trực tiếp bóng đá k+ personal income tax invoices are presented, or trực tiếp bóng đá k+ tax authority certifies that trực tiếp bóng đá k+ income from real estate transfer is eligible for tax exemption or deferred tax collection.
What is trực tiếp bóng đá k+ taxable amount for personal income tax on real estate transfer in Vietnam?
Pursuant to Clause 2, Article 12 ofCircular 111/2013/TT-BTCamended by Article 17 ofCircular 92/2015/TT-BTC:
Basis for calculating tax on income from real estate transfer
trực tiếp bóng đá k+ basis for calculating tax on income from real estate transfer is trực tiếp bóng đá k+ price of each transfer and tax rate.
...
2. Tax rate
trực tiếp bóng đá k+ tax rate on real estate transfer is 2% of trực tiếp bóng đá k+ transfer price or trực tiếp bóng đá k+ sublease price.
...
Thus, trực tiếp bóng đá k+ taxable amount for personal income tax on real estate transfer is trực tiếp bóng đá k+ transfer price or trực tiếp bóng đá k+ sublease price.
