Guide to Leasehold Extension – What You Need to Know Before Applying The Importance of Having a Lease Extension as well as the Process for Getting One 1. What is a leasehold property? A leasehold property is a property built on a land owned by the State Government and can only belong to its owner…
Stamp Duty Remission For First Time Buyers Good news to all the First Time Buyer in Malaysia! Are you considering purchasing your first house for self-staying or investment? Now maybe the best time! The government just announced the new stamp duty remission or exemptions (P.U.(A) 53 & P.U.(A) 54) in the year 2021, in which…
What You Need to Know About Malaysia’s RPGT and Available Exemptions Malaysia’s RPGT Real Property Gains Tax (“RPGT”) is a tax levied by the Inland Revenue Board (IRB) on profits arising from the disposal/selling of real properties. The RPGT rates effective from 1 January 2019 are as follows:- Disposal Citizen/PR Non-Citizen/ Non-PR / Company Not…
A Guide to Property Stamp Duty Exemption for Homebuyers in Malaysia What are the latest stamp duty exemption orders? Stamp Duty (Exemption) Order 2021 (P.U.(A) 53/2021)(as attached) in relation to stamp duty exemption on instrument of transfer for purchase of residential property and Stamp Duty (Exemption) Order (No. 2) 2021 (P.U.(A) 54/2021)(as attached) in relation…
RPGT Exemption Order – The Relief of Residential Sellers The PENJANA 2020 announced in June 2020 contained one very significant measure: the (Real Property Gains Tax) RPGT exemption. In essence, a Malaysia citizen is entitled for this RPGT exemption in respect of gains on the disposal of up to three (3) Residential Properties from 1st…
Q: What is Stamp Duty? A: Stamp duty is a tax being imposed on varied of written agreement (including Instrument of Transfer of Property) by the Inland Revenue Board. Q: Who will need to pay for stamp duty? A: Generally, stamp duty is payable by the Transferee (i.e. person of which the Property being transferred…
What is Real Property Gain Tax (RPGT)? RPGT is a form of Capital Gains Tax or in other words a tax chargeable on gains arising from the disposal of real properties situated in Malaysia levied by the Inland Revenue Board (LHDN). Whether you are a property investor or an owner looking to sell your current home,…
Can Or Cannot? : Purchase of Immovable Property in Sarawak by a FOREIGNER The law governing the immovable property in Sarawak is different from West Malaysia. Immovable property in Sarawak is governed by the Sarawak Land Code, whereas the immovable property in West Malaysia is governed by the National Land Code. As the state of…
Inspecting Property Check the condition of the property thoroughly (for example : whether there is any water leakage, any cracks on the wall, any defects). If possible, bring along your own contractor/professional personnel to assist you during inspection. It is advisable to take photo(s) of different areas of the property, especially those defects discovered during…
Also known as Agreement to Purchase/Option Form/Booking Form, which entered between the Owner of the property and the Intended Purchaser when the Intended Purchaser decided to purchase the Property. The Owner, ie the Vendor grants the Purchaser an option to purchase the property based on the terms and conditions in the OTP, in return of…
