How does ABSD Remission work?

How does ABSD Remission work?

The ABSD remission is tricky or even in some cases, not known to many. So in this write-up, I decided to share more about the ABSD remission and how it works. The criteria for the remission are quite straightforward; as long as you're a married couple with at least one being a Singapore Citizen, and the next home your family are purchasing would be your matrimonial home.

The remission is usually meant for upgrading families. But of course there are 3 main catches to share:
  1. You have to sell your first property within 6 months are the date of TOP/CSC whichever is applicable.
  2. Also do remember that this new home that you'll be doing ABSD remission for would be your matrimonial home, which would mean that you have to remain married throughout.
  3. You have to fork out the amount for the ABSD first (combination of cash and CPF applicable).

I'll be attaching tables over here that you'll find useful for the 3 different possible scenarios.

Ā 

Singapore ABSD remission scenarios
Singapore ABSD remission scenarios
Singapore ABSD remission scenarios



(IRAS PDF Link)


Moving forward, you'd made your purchase, paid the ABSD and you have finally sold your first property and you're ready to do the ABSD remission.

Here's the guild on the refund application process. To begin, you'll need the following:

  1. Your stamp certificate
  2. Your SingPass

Either the purchased or the legal firm who stamped the document are able to apply for the refund.

As attached are the details and examples of how:

Ā 

Singapore ABSD Remission Steps How to do

Do refer to your previous Stamp Certificate and proceed to make declaration and start refund procedure.Ā 

Singapore ABSD Remission Steps How to do

Ā 

Ā 

Singapore ABSD Remission Steps How to do

Singapore ABSD Remission Steps How to do

Singapore ABSD Remission Steps How to do

Back to blog

Leave a comment

Please note, comments need to be approved before they are published.