finance

What is the age limit for HDB resale flat?

What is the age limit for HDB resale flat?
Buy an HDB resale flat as a single. You must be at least 35 years old if you are unmarried or divorced, and at least 21 years old if you are widowed or an orphan. If you are below 35 years old, you must not have another sibling who is below 35 years old buying/ owning another flat under the: ​Orphans Scheme.

What is the tax on selling HDB?
The upgrading levy of 10% is based on the declared selling price of the flat, or 90% of the market value of the flat, whichever is higher.

Which property is exempt from GST in Singapore?
4.2 The sale and lease of an unfurnished residential property is exempt from GST. You cannot charge GST on the sale or lease of such properties. If you are GST-registered, you have to report in your GST return the sale or rental of unfurnished residential properties as exempt supply.

What is capital gains and how does it work?
A capital gain is the increase in a capital asset’s value and is realized when the asset is sold. Capital gains apply to any type of asset, including investments and those purchased for personal use. The gain may be short-term (one year or less) or long-term (more than one year) and must be claimed on income taxes.

What are 3 examples of capital assets?
It is expected that the benefits gained from the assets will extend beyond a time span of one year. On a business’ balance sheet, capital assets are represented by the property, plant and equipment figure. Examples of capital assets include: land, building, improvements, equipment and machinery.

What are examples of considerations?
Anything of value promised by one party to the other when making a contract can be treated as “consideration”: for example, if A contracts to buy a car from B for $5,000, A’s consideration is the promise of $5,000, and B’s consideration is the promise of the car.

What is consideration in a transaction?
What is Consideration? Consideration is a payment made by one party to another in exchange for the transfer of something of value. Consideration can include the payment of property, the settlement of an obligation, or forbearance. It must be of value to both parties entering into a transaction.

What is consideration vs offer in contract?
Offer – One of the parties made a promise to do or refrain from doing some specified action in the future. 2. Consideration – Something of value was promised in exchange for the specified action or nonaction.

Why is consideration important in a contract?
Consideration is one of the most important parts of a contract because it states why each party is joining the agreement. Consideration can be the exchange of money for products or services, or it can be a trade of one type of product for another type of product.

What is consideration of a buyer?
Consideration Stage: The buyer defines their problem and considers options to solve it. Decision Stage: The buyer evaluates and decides on the right provider to administer the solution.

Can I sell my resale HDB flat before 5 years?
All HDB homeowners are required to stay in their flat for at least 5 years. During these 5 years, they are not allowed to sell their house, rent their whole house or even apply for a new BTO. This period is commonly known as the MOP or minimum occupation period.

What is the tax on the sale of property in Singapore?
Sellers’s Stamp Duty Ranges From 12%, 8% And 4%, Depending On The Year Of Sale. If we wish to sell our property within three years from the date of purchase or acquisition, we need to pay between 4% and 12% of the actual price or market value of the property, whichever is higher.

Does rental pay the property tax?
Property tax is based on property ownership and therefore is levied regardless of whether the property is owner-occupied, vacant or rented out. However, to encourage home ownership, we have a lower tax rate for owner-occupied residential properties.

What is the difference between capital gains and investment gains?
Capital gains and other investment income differ based on the source of the profit. Capital gains are the returns earned when an investment is sold for more than its purchase price. Investment Income is profit from interest payments, dividends, capital gains, and any other profits made through an investment vehicle.

What is consideration in a contract?
Consideration is a promise, performance, or forbearance bargained by a promisor in exchange for their promise. Consideration is the main element of a contract. Without consideration by both parties, a contract cannot be enforceable.

What is the difference between price and consideration?
Price or consideration means the total amount paid or required to be paid for the real estate valued in money, whether received inmoney or otherwise and includes, but is not limited to, the amount of any mortgages, unpaid taxes or liens assumed by the buyer.

What is consideration in simple terms?
: careful thought : deliberation. : thoughtfulness for other people. 3. : something that needs to be considered before deciding or acting.

What is the purpose of considerations?
The consideration which is the benefit of the contract for one party (say, receiving money) is the burden of the other (say, paying money). Without consideration being given by each party to the contract, the contract can’t be legally binding. Accordingly, gratuities are not enforceable in law.

What is the rule of considerations?
General rules Consideration is the price stipulated by the promisor (person making the promise) for the promise made.

Does consideration mean payment?
consideration. n. 1) payment or money. 2) a vital element in the law of contracts, consideration is a benefit which must be bargained for between the parties, and is the essential reason for a party entering into a contract.

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