i'm about to purchase a 260k serviced apartment. there is one relative who gave her "advise" to me that to put 2 persons name rather than me alone. i didnt get much justification from her. wondering what is the reason she say so she mentioned something about tax, i'm not sure about this, another person told me for property above 100k would kena tax, is it true, if it's true, how much would that be? i need to get my figure all calculated before entering it

Its is your property. By all means, put your name alone. Do not trust other people in these.
What she mean is if you put your name alone, you will subject the property tax all by your own and by putting 2 names, you can spread out the tax to 2 person which is much more cheaper (not much also).

Unless you have a wife, I suggest put it all under your name. And always remember, it is your own bloody money where you save/earn it through sweat and blood, why the bloody hell you want to put others people name in it? (except your wife & families).

I've several properties at hand, and most of them is under my name alone. I only will put two names in it, if my other shareholder invest with me. If I'm the one who invest, and my other shareholder get to put their free name, by all means they can go to hell.

i see....how is the tax for property being calculated? assuming my unit is a serviced apartment which cost 263k

tax...if you're referring to Real Property Gain Tax (RPGT) is only on the profit of your sales. i.e purchased price of your property is 250k. few years later you sell for RM300k. profit = 50k. RPGT = RM50k x 5% = RM2,500 (simple method for understanding purposes)

What tax is she talking about ? Unless yr income does not justify yr purchase...

You only get taxed if you hava RPTG

property below 100k is not taxable under RPGT?

Don't be misled, no offence.

Please don't put 2 name on the properties, a lot of time you will have big and unsolved problem if there is dispute between the owner. You cannot sell, rent or do whatever on the house/properties if either one refuse to sign or agree.

There is b@ullshit, buying properties won't need to pay tax one.

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Added on January 16, 2010, 4:43 pmFor joint name properties issue/problem, we have existing topic on it, can read through various unsolvable situation faced by forumers. http://forum.lowyat.net/topic/818945/+60

This post has been edited by cherroy: Jan 16 2010, 04:43 PM