TAX QUESTIONS? YOU ASK LAH!

Your weekly dose of tax knowledge - become tax savvy in just 2 minutes!

Q: This year, I plan to sell the house that I have lived in for 6 years. Can I claim tax deductions on the renovation costs incurred for the house?

A: Yes, the renovation costs can reduce the chargeable gain when calculating the Real Property Gains Tax (RPGT) for the sale of the house.