Many people view inheritance property as a windfall. In my point of view, this may not necessary be true. When crafting a will, you have to put in thoughts and make the effort to consider important areas like applicable taxes ABSD (Additional Buyer Stamp Duty) and SSD (Seller Stamp Duty). Otherwise, you may end up causing more harm than good to your beneficiaries.
Recently, a member wrote in to enquire about the applicable taxes on inheritance property. I thought they were very good questions because he had raised concerns on areas that I have never considered before. So, I put forward his questions to Inland Revenue Authority of Singapore (IRAS) for an official reply. This is one of the merits of being SG Wealth Builder member – the opportunity to solicit official responses from government agencies concerning important financial issues.
The reply from