- PKW ( PJR )Lv 71 十年前最愛解答
There is no such 7 years' ruling. The profit on disposal of a property may not be taxable provided that
1. The acquisition of the property is intended for long-term investment.
2. The shop after purchased is rented out or for personal usage.
3. The property had been acquired for a long time and not disposed within a short time.
4. You have no frequent dealings in properties. If yes, the Inland Revenue Department may consider that you are trading with properties. Then all will be taxable.
Since the shop had been acquired for a long time and provided the points as stated above is relevant in your case, I think you have a good ground that the profit on the shop when disposed is not liable to profits tax.
- 開心雅志Lv 41 十年前
- ThomasLv 61 十年前
It is a commercial dealing for selling the commercial property. You should pay the gain on property for your profit tax . 7 years is not the case.
In your profit and loss statement, your income of excess for selling the commercial property should be showed as a income.