On february 14th, hlj. Chinaso. Com, there was an online consultation on the issue of house grants and taxes? The following mini-publika consulted the authorities
There are online friends asking about politics:
I have a home that i wish to transfer to the children by gift, but is it true that if i do so by gift, an additional 20 per cent of the tax will have to be paid when the house is sold again? If so, what are the taxes and charges? Are they 20 per cent of the total house price? And what are the formalities and costs involved in moving through a gift? My house is over 90 flats, but less than 144 flats, less than five years, thank you!
The municipal housing authority responded as follows:
Hello, irs document 114, circular of the state tax administration on enhancement of non-remunerated gifts by individuals of real estate transactions and issues related to the administration of real estate taxes, article ii (2), “the provision that, after the grantee acquires the immovable property of the grantee and retransfers the immovable property in question, upon payment of the personal income tax, the income from the transfer of the property shall be deducted from the amount of taxable income from the amount of the tax paid in the case of the gift, the transfer of housing and the related reasonable expenses, and the personal income tax shall be calculated at the applicable rate of 20 per cent.” the provision is repealed on 4 january 2011。
The procedure required for the transfer of gifts is first to the notary institution to obtain a certificate of gift contract, then to the person holding his/her identity card, a notarized certificate of gift contract, an account book, a home title certificate, a state land use permit (non-residential) (where the gifter's house is shared by both spouses, both spouses must have a marriage certificate and the above-mentioned elements); a grantee who is married requires both husband and wife to have his or her identity card, family book, marriage certificate; if unmarried or widowed, they need their own identity card, household register, and if they divorce, they need their own identity card, household register, divorce certificate or court decision (or court civil settlement) to obtain a gift in the property exchange hall。
The criteria for the transfer of gifts are: a residence registration fee of $80, a transfer fee of $4/m2 and a tax of 5 per cent of the total value of the house. The non-residential registration fee of $550, the transfer fee of 8 per 1,000 for the total value of the house and the tax of 5 per cent for the total value of the house。
