ABSD Remission: Who Qualifies and What You Get
Learn how married couples can claim a refund of the Additional Buyer's Stamp Duty if they sell their first property.
This scheme allows married couples to claim back the extra tax paid when purchasing a second property under specific conditions.
Who it's for
This scheme is designed for married couples who are purchasing a second property. It is intended to support couples who are managing their property ownership as a household unit while acquiring a new home.
What you get
If you meet the eligibility criteria, you are eligible for a refund of the Additional Buyer's Stamp Duty (ABSD) that was paid during the acquisition of your second property. This refund helps reduce the total tax burden incurred when a household expands its property holdings.
What it costs you
To receive this refund, you must fulfill the requirement of selling your first property. The eligibility for the money returned is directly tied to the successful sale of your existing home.
The catch to know
The primary condition to keep in mind is that the remission is contingent upon the sale of your first property. You must ensure that you follow all necessary steps to complete the sale of your original home to secure the refund for the tax paid on the new one.
How to apply
- Purchase your second property and pay the applicable Additional Buyer's Stamp Duty.
- Arrange for the sale of your first property.
- Complete the sale of your first property to trigger your eligibility.
- Follow the official procedures on the tax authority's portal to request your refund.