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Tuesday, January 26, 2016

Good News! Buying Home For 1st Time? This New Bill Has Tax Incentive For you





Are you planning to buy, personal or loan for the house for the first time? The House of Representatives has approved the bill giving tax incentives for first- time homebuyers.


The incentives will cover:

1.  exemption from payment of transfer tax and  


2.  5% (five-percent) discount on the cost of a dwelling unit. The seller or developer who gives the discount can claim it as a tax credit for the year it was given.






Representative Arthur Yap said the bill aims "to alleviate the condition and welfare of a majority of the Filipino families, especially those who have the basic need for shelter... With this measure... It would make it easier and affordable, especially to low and middle income groups, to finally acquire the dream home they may call their own,".



The measure refers to a “first-time homebuyer” as any person who, for the first time, purchases a house and lot or condominium unit or constructs a house on a land he/she owns and who intends to occupy the same as his/her principal place of residence.




The incentives may be availed of for the purchase of a housing package or the construction of a house falling under the category of low-cost housing and medium-cost housing as determined by the Housing and Urban Development Coordinating Council (HUDCC) and the National Economic and Development Authority (NEDA).






However for those planning to take advantage of it, the bill actually provides a fine of P5,000 to P50,000 or imprisonment of six months, or both at the discretion of the court, for any person who makes a false claim regarding first-time homeownership and the tax credit arising from it.


source
 see more at www.bahayofw.com


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