A SINGLE person who buys a home to live in will be hit with the additional buyer's stamp duty (ABSD) if he does not dispose of his existing residence first.
That means a single person might have to find accommodation in between selling the old home and completing the purchase of the new one.
The clarification came from the Ministry of Finance (MOF) on Thursday, following uncertainty over whether stamp duty concessions for married people would also apply to singles.
Some married couples will get a refund of the ABSD if they dispose of their first property within six months of buying a resale home or the completion of an uncompleted one.
Source: The Straits Times
By Esther Teo Property Correspondent)
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