If I want to transfer my property to my Parents / Children / Spouse / Siblings, what is the procedure, do I have to pay tax?

Question:

If I want to transfer my property to my Parents/Children/Spouse/Siblings, what is the procedure, do I have to pay tax?

Answers:

Article 4 of the Law on Income Tax No.04/2007/NĐ-CP date 21 November 2007 provides income tax exemption in transfer of property between family members. According to Article 2 of the Law on Income Tax 2007 and the amendment thereof, these rules apply to any income acquired in territory of Viet Nam without any distinction between local and foreigners in transfer of property.

Article 79 of the Decree No.43/2014/NĐ-CP dated on 15 May 2014 of the Government on detailing and guiding some provisions of the Law on Land 2013 sets out procedures to transfer property. Accordingly, there are three steps to do:

First, Parties sign tranfer contract at the Notary Office, the documents need to submit including: The Certificate of House Ownership, the copy of passport or identify card.

Second, pay tax at Taxation Office at the District where the property is located. The documents need to submit including: the tranfer fee form (filled out by the purchaser), income tax form (filled out by the seller, if applicable), Transfer contract, the authorized copy of Certificate of House Ownership and the authorized copy of identity card/passport. Parties pay the taxes within 10 days from the date of receiving the tax notification.

Third, Parties carry out the procedure to change the Certificate of House Ownership, the following documents need to submit to the Division of Natural Resource and Environment: Request to change the title of the ownership; Transfer Contract; The Certificate of House Ownership, the authorized copy of identity card or passport; invoice of administrative fee/taxes. 

Source: AsiaReal