if i want to gift a property to family member

Hello everyone,
i need a advice, if i want to transfer my flat to my family member as a gift, i still need to pay any stamp duty? what is the best method to avoid stamp duty or i can show the less value in sales & purchase contract to avoid stamp duty

Hi ANILHK1,

Stamp Duty for transfer of flat to family member

As per your inquiry above, we are writing to provide you with some insights into the captioned matter. For a transfer of property, there are two types of stamp duties applicable and chargeable to the seller and purchaser respectively: seller is liable to pay Special Stamp Duty and Ad Valorem Duty; and purchaser is liable to pay Buyer’s Stamp Duty and Ad Valorem Duty.

However, there are a few circumstances under which each type of stamp duties may be reduced or even exempted. For example, transfer of a residential property to spouse, parents, children, brothers or sisters is exempted from Special Stamp Duty provided that the donee does not dispose of the residential property within 36 months.

As the matters involved may be complicated, it is advisable to instruct a lawyer to assist you with this transfer of property. Please contact us at WeirLaw@WeirandAssociates.com or +852 2526-1767 for further details.

Weir & Associates