If I sell the property in the future for $3 million, what is the income tax on property sale?

In Singapore, there is generally no capital gains tax on the sale of properties. This means that if you sell your property for $3 million, the profit from the sale is usually not subject to income tax.

However, there are exceptions. If the Inland Revenue Authority of Singapore (IRAS) determines that the sale of the property was part of a trading activity or had a profit-seeking motive, the gains could be considered taxable income. This is typically assessed based on criteria such as the frequency of buying and selling properties, the reasons for the transaction, and the holding period of the property.

If the IRAS does not consider the sale as part of a trading activity, then the gains from the sale would not be taxable. It is always advisable to consult with a tax professional or the IRAS to determine the specific tax implications of your situation.