X

rsta.gov.bt Transfer of Ownership Bhutan : Road Safety & Transport Authority

Organization : Road Safety and Transport Authority
Facility : Transfer of Ownership
Country : Bhutan

Website : https://eralis.rsta.gov.bt/services

Transfer of Ownership :

Requirements :
(1) An application for transfer of ownership of a vehicle must be accompanied by :

Related / Similar Service : RSTA Apply for Learner License Bhutan

(a) A deed of sale which includes the sale price of the vehicle and the signature of the seller and buyer, signed across a legal stamp by both the parties and a witness from each party;

(b) The registration certificate for the vehicle;

(c) A clearance certificate from Central Registry, Royal Monetary Authority of Bhutan or the financial institution stating that the loan on the vehicle has either been fully paid out or that the financier has no objection to the transfer of the loan along with the transfer of the vehicle ownership or have no loan against the given vehicle.

(d) Clearance from the Court, if the vehicle is subject to any legal dispute;
(e) The fee and charges for change of ownership, including the property transfer tax indicated in schedule

(f) Seller should inform the authority in writing immediately upon sale of vehicle
(g) Photo copy of Citizen ID card of the buyer.

(h) Copy of the marriage certificate if the transfer is from Husband to Wife or vice-versa and from parents to offspring upon producing appropriate evidence (Family tree information from Census).

(i) Vehicle Ownership transfer within 5th year from the date of registration, particularly for third country import vehicles, registered in the name of diplomats/expatriates must produce tax clearance certificate from Ministry of Finance (Department of Revenue and Customs).

(j) All vehicles that were exempt from Tax/Duties during initial purchase must produce tax clearance certificate at the time of transfer of ownership
(k) One (recent) PP size photograph of the buyer/new owner.

Related Post

Payment of transfer tax :
(1) Responsibility for payment of property transfer tax shall lie with the seller, except in case :
(a) Of a vehicle purchased from the Government on allotment
(b) Vehicle sold by international and diplomatic agencies; or

(c) Of the seller exempt from the transfer tax, in which case, the buyer shall pay the transfer tax unless he can produce a certificate of exemption from the Ministry of Finance.

(2) If, in the opinion of the Authority, the sale value has been under stated in the sale deed, it is empowered to carry out revaluation of the vehicle using the formula under sub ? section (3).

(3) For the purpose of charging 5% (or as may be amended from time to time) vehicle ownership transfer tax, the Authority shall apply depreciation at the following rates on the initial purchase price (on production of original invoice/bill or similar records maintained by the Authority) or the current market value of a similar type, using the diminishing balance method :

(a) @ 10% per annum for first and second year;
(b) @ 15% per annum for third, fourth, fifth and sixth year; and

(a) a motor vehicle shall be valued at 10% of the initial purchase price (as indicated in the original invoice/bill or similar records maintained by the Authority) or the current purchase price (of a new vehicle) of the same or similar description, after the sixth year.

(4) Where a vehicle is seized and auctioned by the financial institution to recover its loan, the previous owner in whose name the loan is outstanding, will be subject to transfer tax on the actual amount received by the property owner after adjustment of the outstanding loan amount.

(5) In case of a vehicle sold as scrap, the owner is liable for transfer tax on the sale value of the scrap and must surrender the registration certificate to the Authority. NOTE : Vehicles gifted as SOELRA/gift, bought from RGOB projects etc are also liable for 5% transfer tax.

Exemption from payment of property transfer tax :

(1) Payment of property transfer tax is exempt in case of the ownership being transferred :
(a) From parents to children

(b) From husband to wife or vice-versa
(c) From one privileged person to another, being the transfer of allotment;
(d) Between exempt international organization;

How long will it take to transfer the ownership?
Provided all documents and other requirements fulfilled,ownership can be transferred within one working day.

What are the fees and charges applicable to ownership transfer?
** Ownership Change tax : Nu.500/-.
** Registration Certificate cost,Nu.500/-.
** Property Transfer Tax,5% on accessed value.

Tags: rsta.gov.bt
www.statusin.org © 2022 Contact Us   Privacy Policy   Site Map