Who is a related individual under the Property Transfer Tax Act?
Under the Act related individuals are: • A person’s spouse • A person’s children, grandchildren, greatgrandchildren, • A person’s parents, grandparents, greatgrandparents • The spouse of a person’s child, grandchild or greatgrandchild • The child, parent, grandparent or greatgrandparent of a person’s spouse. Please note that: • The list excludes siblings. Siblings are not considered to be related individuals for property transfer tax purposes. • A person is not related to themselves. For example, most transfers of interest in property from one to oneself or oneself in trust are treated as taxable transaction for which property transfer tax is payable on the fair market value at the date of registration of title. • Not all transfers between related individuals qualify for property transfer tax exemptions. To find out whether your transfer qualifies for an exemption under transfers between related individuals refer to PTT 003, PTT 005, PTT 007.
