Asked by Anonymous
Re RPGT
hi i am Hung beng guan. i was divorced in March 2019. Under the court order i was awarded the return of the half share of a property. I bought this property more than 15 years ago but i registered in both my ex wife's and my name. each half share. i paid for all the costs of purchase of the property, as she was not working. Her half share was just transferred back to me. During the marriage i had joint accounts with her and she took a lot of moneys from these accounts already. In the divorce court case i asked the count to order her to return the moneys she took. The court must have taken this into account and ordered her to transfer the half share of the property with no further payment from me.
I want to sell the property but suddenly i realized that the half share which she returned has become a recent acquisition. Thus i have a property of which a half share was acquired more than 15 years ago and the other half share which can be deemed to be a new acquisition and profit therefrom can be tax at 30%.
Another related problem is how to determine the cost of the acquisition cost of the returned half share. it is not clear cut from the court order.
your assistance will be appreciated.
best regards,
bg hung
hi i am Hung beng guan. i was divorced in March 2019. Under the court order i was awarded the return of the half share of a property. I bought this property more than 15 years ago but i registered in both my ex wife's and my name. each half share. i paid for all the costs of purchase of the property, as she was not working. Her half share was just transferred back to me. During the marriage i had joint accounts with her and she took a lot of moneys from these accounts already. In the divorce court case i asked the count to order her to return the moneys she took. The court must have taken this into account and ordered her to transfer the half share of the property with no further payment from me.
I want to sell the property but suddenly i realized that the half share which she returned has become a recent acquisition. Thus i have a property of which a half share was acquired more than 15 years ago and the other half share which can be deemed to be a new acquisition and profit therefrom can be tax at 30%.
Another related problem is how to determine the cost of the acquisition cost of the returned half share. it is not clear cut from the court order.
your assistance will be appreciated.
best regards,
bg hung
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