Knowledge & Insights

Section 10(1) of the Income Tax Act (Section 10(1)) provides that certain specific categories of income, as well as other “gains or profits of an income nature”, are chargeable to income tax.

The recent Income Tax Board of Review (ITBR) decision of GIO v Comptroller of Income Tax [2024] SGITBR 1, which involves the taxation of gains under Section 10(1)(g) arising from the disposal of two immovable properties, grapples with the vexed question of when gains are chargeable to income tax under that section. The decision also provides important guidance to investors who are looking to shift from non-real estate investments to investments in real estate, and not limiting their gains to only rental income received from real estate.

This update takes a look at the ITBR’s decision.

If you would like information and/or assistance on the above or any other area of law, you may wish to contact the Partner at WongPartnership whom you normally work with or any of the following Partners:

TAN Kay Kheng
Head – Tax
d +65 6416 8102
e kaykheng.tan@wongpartnership.com
Click here to view Kay Kheng’s CV.

TAN Shao Tong
Deputy Head – Tax
d +65 6416 8186
e shaotong.tan@wongpartnership.com
Click here to view Shao Tong’s CV.

GOH Ziluo
Partner – Tax
d +65 6416 8189
e ziluo.goh@wongpartnership.com
Click here to view Ziluo’s CV.