Provisions on individual income tax exemption from the transfer of real estate if the transfered property is the only real estate owned by the transferor

Individual income tax is a tax levied on the taxable wages, salaries, dividends, interest, and other income a person earns throughout the year. Income from real estate transfer is one of irregular income sources of individuals and this income source is taxable. However, if the individual earns income from the transfer of his or her only house, land use right and land-attached assets, the transferor will not have to pay the individual income tax from real estate transfer. This legitimate benefit of individuals is stipulated in current provisions in Vietnam. Hence, this legitimate benefit should be widely disseminated to the public so that people clearly understand their rights and legitimate benefits.