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Deduction for houses related (2017)
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2018-02-23
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             Deduction for houses related (2017)


 


                                                                      13thFeb 2018


                                                                      Written by Ji, Yun Sil


                                                                      Translated by Park, Eun Kyung


 


1.Outline


Letme look through deduction for houses related in the year-end tax adjustment.


 


2.Deduction condition and amount


1)Income deduction for saving for purchasing a house


  Condition


  Total salary under 70 million


  Householder who doesn't have a house(31st Dec the present).


  Yearly payment: under 2,400,000 ( Ifspouse opened saving, it is not deductible)


  Amount: Payment X 40%


  Limit: 3 million


 


2) Rentingloan for house


Repaydeduction the principal and interest


  Citizen's house under 85 squaremeter.


  Householder who doesn't have a house


  Loan within 3 months moving into newhouse on contract or notifying date in resident registration.


 


Deductionamount: Repay the principal and interest x 40% within 3 million


 


3)Interest repay deduction for long term security of house loan


  Under 400 million acquisition date


  Householder laborer


  Retain house: 1 house


  Loan within 3 months from housepossession registration


  Repay period: over 10 years


  Laborer own house + laborer's loan (not spouse's)


Deduction amount: interest repay amount


 


4) Monthly rent tax deduction


Total salary under 70 million


Householder who doesn't have a house


Citizen's house: under 85 square meter


Rent contract address and residentregistration address should be same


 


Tax deduction = min (Working period monthlyrent sum, 7500,000 won) X 10%


 


 


 


 


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