420 million transactions below the jeonse price last month
Level of ‘one-third’ of last year’s peak
6.7 billion 3 days ago… Grant possibility ↑
Ministry of Land, Transport and Maritime Affairs launches special related transaction investigation
An apartment near Indeokwon Station in Gyeonggi Province, whose price soared to 1.24 billion won last year, was sold for 420 million won last month. It is estimated that the transaction is highly likely to be a special transaction for the purpose of tax reduction as it is a direct transaction without going through a licensed broker. As the trend of real estate price decline accelerates, direct transactions are continuing in various parts of the metropolitan area at prices that are hundreds of millions of won lower than the previous actual transaction price.
According to the actual transaction price disclosure system of the Ministry of Land, Infrastructure and Transport on the 23rd, 84㎡ dedicated to ‘Green Village Indeokwon Daewoo’ in Pyeongchon-dong, Dongan-gu, Anyang-si, Gyeonggi-do, was traded directly for 420 million won on the 25th of last month. This is 250 million won (37.3%) lower than the actual transaction of 670 million won on November 22, just three days ago. It is 40 million won lower than the 460 million won deposit of the same equilibrium jeonse that the lease contract was signed this month. Taking advantage of the fact that Indeokwon Station was included in the Metropolitan Rapid Transit (GTX)-C route, the same equilibrium was traded at a reported price of 1.24 billion won (16th floor) in August last year. to be.
The possibility of a special transaction for the purpose of tax reduction is raised for this transaction, in which the actual transaction price fell by nearly 40% in just three days. A real estate agent near the complex said, “Even considering the fact that the price of houses in the Indeokwon area has recently dropped significantly, it is difficult for the sales price to fall more than the jeonse.” Woo Byeong-tak, head of the real estate team at Shinhan Bank’s WM Consulting Center, also said, “There are cases in which families try to reduce both gift tax and transfer tax by signing a sales contract between family members at a price lower than the market price.” said.
Under the current tax law, in principle, a transaction in which the difference between the transaction price and the market price is less than 300 million won or 30% of the market price is regarded as a normal transaction, even if it is a transaction between family members. In the case of the Blue Village Indeokwon Daewoo transaction, as it was sold at a price 30% or more lower than the market price within three days, it is highly likely that tax authorities will consider it an abnormal transaction and impose gift and transfer taxes.
As housing prices fall, the share of direct transactions among apartment transactions nationwide is rapidly increasing. According to the actual transaction price disclosure system of the Ministry of Land, Infrastructure and Transport on this day, out of 942 apartment transactions in Seoul from November to December this year, direct transactions accounted for 302 cases, accounting for 32.1%. This proportion has tripled compared to the same period last year (10.7%). It is estimated that the share of direct transactions increased as it became easier to conduct gift transactions at low prices within the legal framework of ‘300 million won or within 30% of the market price’ following the overall market price decline. Team leader Woo said, “It is common for the proportion to increase as direct transactions for the purpose of gifting become easier during a period of falling housing prices.”
In response, the Ministry of Land, Infrastructure and Transport announced last month that it would launch a planning investigation into abnormal direct transactions between specially related persons among apartment transactions nationwide. The primary investigation target was direct sales of apartments nationwide reported from January of last year to August of this year. As a result of the investigation, the Ministry of Land, Transport and Maritime Affairs plans to notify related organizations such as the National Tax Service, the National Police Agency, and local governments for suspected illegal acts such as expedient gifting and name trust and take action.
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