Is income from real estate transfer between spouses exempt from personal income tax in Vietnam?
Is income from real estate transfer between spouses exempt from personal income tax in Vietnam?
According to Article 4 of the Law on Personal Income Tax 2007, as supplemented by Clause 3, Article 2 of the Law amending the Tax Laws 2014, the following specific provisions regarding income exempt from personal income tax are as follows:
Tax-exempt income
- Income from real estate transfer between spouses; biological parents and biological children; adoptive parents and adopted children; parents-in-law and daughters-in-law; parents-in-law and sons-in-law; paternal grandparents and grandchildren; maternal grandparents and grandchildren; siblings.
- Income from the transfer of residential houses, homestead land use rights, and assets attached to the homestead land in cases where the individual possesses only one residential house or parcel of homestead land.
- Income from the value of land use rights of individuals given land by the State.
- Income from inheritance and gifts of real estate between spouses; biological parents and biological children; adoptive parents and adopted children; parents-in-law and daughters-in-law; parents-in-law and sons-in-law; paternal grandparents and grandchildren; maternal grandparents and grandchildren; siblings.
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Thus, according to the aforementioned provision, income from real estate transfer between spouses is exempt from personal income tax.
Is income from real estate transfer between spouses exempt from personal income tax in Vietnam? (Image from the Internet)
What income is exempt from personal income tax in Vietnam?
According to Article 4 of the Law on Personal Income Tax 2007, supplemented by Clause 3, Article 2 of the Law amending the Tax Laws 2014 and amended by Clause 2, Article 1 of the Law on Personal Income Tax Amendment 2012, the income exempt from personal income tax is prescribed as follows:
- Income from real estate transfer between spouses; biological parents and biological children; adoptive parents and adopted children; parents-in-law and daughters-in-law; parents-in-law and sons-in-law; paternal grandparents and grandchildren; maternal grandparents and grandchildren; siblings.
- Income from the transfer of residential houses, homestead land use rights, and assets attached to the homestead land in cases where the individual possesses only one residential house or parcel of homestead land.
- Income from the value of land use rights of individuals given land by the State.
- Income from inheritance and gifts of real estate between spouses; biological parents and biological children; adoptive parents and adopted children; parents-in-law and daughters-in-law; parents-in-law and sons-in-law; paternal grandparents and grandchildren; maternal grandparents and grandchildren; siblings.
- Income of households and individuals directly engaged in agricultural, forestry production, salt making, aquaculture, yet to be processed into other products or only through preliminary processing.
- Income from the conversion of agricultural land of households and individuals assigned by the State for production.
- Income from interest on deposits at credit institutions, interest from life insurance contracts.
- Income from remittances.
- Night shift wages, extra pay received higher than regular daytime wages as stipulated by law.
- Pensions paid by the Social Insurance Fund; monthly pensions from voluntary pension funds.
- Income from scholarships, including:
+ Scholarships received from the state budget;
+ Scholarships received from domestic and foreign organizations under educational encouragement support programs.
- Income from compensation for life and non-life insurance contracts, occupational accident compensation, state compensation, and other compensations as prescribed by law.
- Income received from charitable funds permitted by competent state agencies for establishment or recognition, operating for charitable, humanitarian purposes, non-profit seeking.
- Income received from foreign aid for charitable, humanitarian purposes in the form of government and non-government approved by competent state agencies.
- Income from wages, salaries of Vietnamese sailors working for foreign ship lines or Vietnamese shipping lines operating internationally.
- Income of individuals as ship owners, individuals with ship use rights, and individuals working on ships from activities providing direct goods and services for offshore fishing activities.
What are regulations on the personal income tax period in Vietnam?
According to Article 7 of the Law on Personal Income Tax 2007 as amended by Clause 3, Article 1 of the Law on Personal Income Tax Amendment 2012, the personal income tax period is regulated as follows:
- The tax period for resident individuals is regulated as follows:
+ The annual tax period applies to income from business; income from wages and salaries;
+ The tax period for each occasion of income generation applies to income from capital investment; income from capital transfer, except for income from securities transfer; income from real estate transfer; income from winning prizes; income from copyrights; income from franchising; income from inheritance; income from gifts;
+ The tax period for each transfer or annually for income from securities transfer.
- The tax period for non-resident individuals is calculated for each occasion of income generation applied to all taxable income.
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