Many seniors and retirees of the babyboomer generation are still staying in landed or private properties, some in bigger HDB flats bought at a time when property prices were cheaper than a COE. Today they are the lucky few that could stay in such homes that our young professionals could only salivate and be contented with a 4 room flat. The value of their properties could be in the tens of millions or at least nearly a million in bigger HDB flats. The downside, many would have retired many years or moons ago, and has no more income albeit a little savings to pass their twilight years.
A letter from Inland Revenue, for property tax could be shocking to these no money but asset rich oldies. Fortunately, I might be wrong, heard that the property tax of some private or landed properties could be lesser than for not landed private properties or bigger HDB flats.
Anyway, a letter from Inland Revenue could send fears to these asset rich oldies. Where to find the money to pay the taxes? Govt subsidies, Assurance Package, got enough left after food and PUB bills, to pay property taxes? Unless they downgrade, many would be caught in a bind.
How many of you out there are caught in such a situation, looks very good, very rich, which is true, but no cash or very little cash to pay for other necessities and little luxury and comfort, and unable to pay property tax!
3 comments:
Yup, just received 3 days ago. Gotta pay really $900 . . . . .Election coming !!
I am now in my late 80s. By a stroke of luck I bought a small humble semi-detached bungalow in 1984 when the price of landed properties was very depressed. After much aganizing discussion with my wife on the plus and minus side of owning a landed property I finally took the gaunlet and plunged in to buy the property. After buying I was landed with a surprise and unexpected query from the "Buahyah Department" Malay apt version for the Income Tax Department which demanded me to furnish my source of 'income' for the purchase. I was wondering why the department must ask me to furnish my source of income when they could easily look into my Income Tax file returns which I dutifully sent them every year. Anyway I advised them that the greater part of my payment came from my CPF followed with some bank loans and some private savings. After that they stopped bothering me.
Now I have retired since 1998 and have no income at all. My two filial daughters and a son give us just enough money to tie over our financial malaise. Now I realise why my son and a daughter just like many of my friends sons and daughters do not want to get married seeing the miserable quandary of our retired life.
Looks like rich people such as businessmen and politicians have no problem and worry over money matters for they seem to have many shadow avenues to get them. They are always above the law. But we all wage earners must dutifully and responsibly pay our taxes and when we retire and live a less than simple life that's our miserable problem. This is what is called Western Darwinist Capitalism and it is practised right here in our society.
Chow Cheng Hoo
Hello Chow Cheng.Hoo
A tale as related by my friend whose colleague liked him.just a Grade 3 clerk in the 60s working in a Machinery Sales Company.
Had inherited a sum.of monies from his parents when they passed on.
Brought a brand new car at our time fully paid of 20 over K.
Had been summoned by the Buya Department where he got the monies from.
At that time salary about $165.00 ,to $200.00 for clerical posts.
Think monies laundering in.the 60s or escape Income.Tax ah?
Had to prove of his inheritance.
Wah piang ah!
So better strike Big big 4D or Toto better get receipts and proofs from the SIN Pools.
Anyway, had SIN Pools accounts here credited in ahem no problems here.
Why they did NOT query that lot of PRCs who brought in Billions in ah?
BIG monies big shots must be legal ah!
Double standards
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