TDQ had a house in Tan Quy ward (HCM City District 7) that he purchased for 1.5 billion dong, about $75,000. Recently, he bought another house for five billion dong in the same ward. With real estate prices high, Q resolved to sell the first house, but of course he did not want to pay income tax on his gain.
Only people who own two houses or more are liable to pay the tax. Q solved his problem by arranging the paperwork necessary to convey the first house to his son. Once it was in his son’s name, Q sold the house for 2.5 billion dong without having to share one dong with the tax office.
