不是income tax，see details insideGovt is proposing clarity to income tax law- anyone who sells more than 2 properties within 4 years may be taxed on gains from second sale onwards. This will quell speculation and will take effect Jan 2010 if made into law. Impact on developers- negative as it could spur a flurry of sales amongst speculators before law kicks in. Here below is the article from ST. July 8, 2009 When to tax property gains A PROPOSED change to income tax laws will make clearer to property sellers when they will be taxed on their profits. Anyone who sells only one property in any four-year period will not be taxed on his profit, according to a proposed amendment to the Income Tax Act. But if he sells another property within four years of the first sale, the profit from the second sale may be taxable. If the proposal becomes law, it will provide certainty for owners who now cannot be sure if the taxman will come calling after they sell. Under existing rules, an individual does not pay tax on (more...)