stamp duty on shared property

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From: Goran Arsovski


Hello guys,

I have a question regarding the sale of property to my parents. We bought vacant land a few years ago in which I have 50% share. They have just started building their house with their savings and a loan from the bank on the vacant land and I want to sell my share of the land to them. Do they pay stamp duty on the market price of 50% of the land value or 50% of the property value (ie. land and house which is up to lock-up stage). Or do they have to pay stamp duty at all if I just gave them my half as a gift and incorporated their names on the land title.

thanks, any opinion will be greatly appreciated

Regards, Goran.

 

[evensteven]

Reply: 1
From: Even Steven


Goran
From what I understand they will have to pay stamp duty on the market value of the share they are acquiring regardless of wether they acquire it by purchase or gift.
Steve