Singapore legislation

Regulation 2

of Income Tax (Gains from Short-term Transactions of Shares in Private Real Property Company) Regulations

Regulation 2

Consideration of shares acquired under certain circumstances

For the purposes of computing the amount of any gain or loss under section 10G of the Act of any person arising from the disposal of any shares in a relevant company, the following provisions shall apply:

(a)

where the shares were acquired by him by way of gift inter vivos or settlement without any consideration, the shares shall be deemed to have been acquired by him at a consideration equal to the net asset value of the shares as at the end of the accounting period of the relevant company immediately before the shares were so acquired by him;

(b)

where the shares were acquired by him —

(i)

as a surviving joint owner by the operation of the right of survivorship upon the death of any other joint owner of the shares; or

(ii)

as a beneficiary under a will in consequence of the death of the testator, or as a person entitled to succeed beneficially to the estate of an intestate under any written law in consequence of the death of the intestate,the shares shall be deemed to have been acquired by him at a consideration equal to the amount paid by the deceased for the shares.

Read in full context — Income Tax (Gains from Short-term Transactions of Shares in Private Real Property Company) Regulations →