The Ministry of Finance and the State Administration of Taxation issued an announcement on September 30 stating that in order to support residents to improve their housing conditions, taxpayers who sell their own housing and repurchase their housing in the market within one year after the sale of the current housing will be given a tax refund discount on the personal income tax that has been paid for the sale of the current housing.
announcement clearly states that if the amount of newly purchased housing is greater than or equal to the amount of current housing transfer, all personal income tax paid shall be refunded; if the amount of newly purchased housing is less than the amount of current housing transfer, the personal income tax paid for the sale of the current housing shall be refunded in proportion to the amount of newly purchased housing to the amount of current housing transfer.
Taxpayers who enjoy preferential policies stipulated in the announcement must meet the following conditions at the same time: First, the housing sold and re-purchased by the taxpayer should be within the same city; Second, the taxpayer who sells his own house and the newly purchased house must be directly related, and should be the owner or one of the property owners of the newly purchased house.
Written by: Shen Cheng
Source: Xinhua News Agency
Editor: Ma Zhenglin
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