What are the taxes payable for gifting property to a spouse?

When gifting a property to your spouse in Singapore, several taxes and duties are applicable:

Buyer's Stamp Duty (BSD)

BSD is payable on the market value of the property or the purchase price, whichever is higher. This duty applies even if the property is transferred as a gift. The rates for BSD range from 1% to 4% of the property's value.

Additional Buyer's Stamp Duty (ABSD)

If your spouse is a Singapore Permanent Resident or a foreigner, ABSD may apply. However, if the transfer is part of matrimonial proceedings, you may be eligible for ABSD remission under specific conditions set by the Inland Revenue Authority of Singapore (IRAS).

Seller's Stamp Duty (SSD)

If the property is transferred within the SSD holding period (typically 3 years for residential properties), SSD may be applicable. However, SSD can be remitted if the conditions for Stamp Duty Remission for Matrimonial Proceedings are met.

CPF Refund

If the property was purchased using CPF funds, the CPF principal amount withdrawn by the donor must be refunded to their CPF account with accrued interest when the property is transferred.

General Procedure

To transfer the property, you need to enter into a Deed of Gift, stamp and pay the duty on the Deed of Gift based on the market value of the property, prepare the transfer instrument, and file it with the Singapore Land Authority along with the relevant title documents.

It is crucial to consult with a legal professional and check the IRAS website for the most up-to-date information and to ensure all conditions for any potential remissions are met.