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One Year Only, Tax Deduction for 2 Houses Owned by 1 Family

One Year Only, Tax Deduction for 2 Houses Owned by 1 Family

Posted March. 09, 2002 09:44,   


The period to have 2 houses without paying transfer income tax will be cut in half from current 2 years.

The Ministry of Finance and Economy decided to wave the transfer income tax only for one year for the family to have a time for moving or so. By the current enforcement, the transfer income tax is waved for 2 years if a house owner temporarily has 2 houses and sells his or her one house in the period.

Hur Yong-Seok, director of the property tax bureau, said that it would be helpful for the demanders who want to buy a house since the reduction of the period for having 2 houses without tax.

The Ministry of Finance and Economy, however, will allow having 2 houses if the owners are supporting their parents (male over 60 and female over 55 years old) and they become to have 2 houses by marriage.

Meanwhile, National Tax Service is planning to release the investigation result on the 614 suspects of false tax reports out of 1074 people who transferred the apartment lots or sold their apartments after holding a short period in Kangnam and Seocho areas.

In addition, the second inspection result about the 1478 speculative investment suspects in Seoul and the Capital city area will be released as soon as the investigation is over.

Joong-Hyun Park sanjuck@donga.com