What are the taxes on buying and selling used rooms? What's the difference between a new house and a used room?
What are the taxes on buying and selling used rooms
In accordance with the latest regulations of the ministry of finance of 30 march 2015, the second-hand house transaction tax was adjusted from the original five-year exemption to two-year exemption from the turnover tax effective 31 march 2015, with the following breakdown of the specific tax charges depending on the circumstances of the transaction:
I. Deeds tax (generally paid by the buyer, unless otherwise agreed by the parties)
1. The buyer's first purchase of property below 90 square feet is paid at 1 per cent;
2. The buyer's first purchase of property above 90 square feet (including 90 square metres) and up to 144 square metres is paid at 1. 5 per cent;
3. The following are paid according to 3 per cent:
(1) 144 squared or more;
(2) the buyer is not the first purchaser;
(3) garage;
(4) non-ordinary dwellings (commercial housing);
Business tax: (generally paid by the seller, unless otherwise agreed by the parties)
Up to 2 years of residence permits, ordinary residential properties below 144 square feet are exempt from operating tax;
2. Property certificates are paid at a turnover tax of 5. 55 per cent for less than two years;
3. The size of the house is more than 144 square feet, paid on the basis of the difference after two years of the property certificate, which is calculated at 5. 55 per cent of the tax rate: (the last purchase price - the current sale price)*;
4. Commissary difference payment, calculated as 5. 55 per cent rate (last purchase price - current sale price)*;
What are the taxes on buying and selling used rooms
Iii. Personal income tax (generally paid by the seller, unless otherwise agreed by the parties)
1. Five years of the property certificate and exemption from personal income tax on the sole set of properties in the name of the seller and husband;
2. The seller's husband and wife are not the only property or property certificate under the name of the seller for less than five years and pay at 1 per cent;
3. Traders pay on the basis of the difference, calculated as 20 per cent of the tax rate (the last purchase price - the current sale price)*;
Iv. Other costs are relatively small:
Transaction costs: 6 yuan/sq/sq/sq;
(a) work cost: $80 for one document; $20 for a joint licence;
Assessment fee: 5 per 1,000 of the total assessed (bank loans payable);
Mortgage: $100 (bank loans payable);
(b) certificate of purchase: one for $20, usually three copies;
Notary rate: $300 (business fees are required if they cannot be performed in person)。
What are the taxes on buying and selling used rooms
Many people are struggling to buy a new house or a second-hand one. It is not just the house itself, but also the difference between the new house and the second-hand room over the transaction tax. Knowing the taxes and fees for new and used houses can help us to prepare funds and time reasonably。
Process combination
Purchase of new houses: house watch -- review of eligibility for house purchase -- book of subscription -- house purchase contract -- payments -- netting -- loan processing -- tax office -- renovation -- occupancy
Purchase of second-hand rooms: house watch -- review of eligibility for house purchase -- contract of purchase -- netting -- loan processing -- tax transfer -- renovation -- occupancy
The main difference between the transactional processes of the new and second-hand rooms is the acquisition chain, which is not a step in the second-hand room. The purchase of the new house is a partial acceptance of the project by the consumer and a part of the subscription, which can be paid off upon opening, with most developers granting a certain amount of discount to the subscriber。
Taxes and fees combing
New room:
Taxes, turnover tax (to value added tax after 1 may), public maintenance money, other such as work capital。
What are the taxes on buying and selling used rooms
Second-hand room:
Tax: payment for the purchase of a home;
(a) business tax: the seller assumes the value added tax (vat) after 1 may and is exempted from ordinary residence for two years, with further calculations in the north;
Personal income tax: the seller assumes a general tax of 20 per cent of the difference or 1 per cent of the netting price, and is exempted if the house sold is the only one for five years。
The tax on the new house is relatively simple and does not involve a tax, a turnover tax or a public maintenance fund, while the second-hand house does not have a public maintenance fund or a turnover tax or a tax。
Note: while both the turnover tax and the tax are nominally borne by the seller, in many cases they are paid by the buyer。
In addition, in order to avoid the risk of property ownership, the new house is to verify whether the developers have a second certificate; the second-hand house was to verify whether the seller had full property rights and whether there were situations such as mortgages affecting the netting and loan。
