Hi all,
I'm in the process of buying a small property (IP) with my friend. We will have 50% partnership each (tenants in common).
The question is:
If he wants to buy my share after 1 year on then market value,
1. will he be liable to pay the stamp duty for the half portion?
2. Will I need to pay CGT (if any)? If yes, will I be able to claim 50% CGT concession?
3. Is there any setup in this kind of partnership which can facilitate to avoid stamp duty while buying partner's share at a later stage?
Thanks
Sanjay
I'm in the process of buying a small property (IP) with my friend. We will have 50% partnership each (tenants in common).
The question is:
If he wants to buy my share after 1 year on then market value,
1. will he be liable to pay the stamp duty for the half portion?
2. Will I need to pay CGT (if any)? If yes, will I be able to claim 50% CGT concession?
3. Is there any setup in this kind of partnership which can facilitate to avoid stamp duty while buying partner's share at a later stage?
Thanks
Sanjay