Hi,

I am having an issue here regarding property transfer.

Previously i bought a property at RM185k under 2 names.....loan was RM145k

I am now buying over the property from my partner...she paid RM30 for the renovation and furniture....so now i will be buying over from her for RM30k....she is selling it to me at market value....

the problem now...i was told that there is tax involve if we sell the property in less than 5 years......but a lawyer told me that there won't be tax is the property is being sold at the same value or below market value. that means if there is no value gain on the seller side, then there wont be any tax....is this true?

TQ

Lawyer isnt specialised in this case,better go for bank staffs,they can explain to you better.trust me.

correct....if you make a capital loss, you can even claim it against future capital gain from selling property in the future (for less than 5 years)

i did ask the bank ....everything to do with legal document and tax involves lawyer....the bank agent cant help much

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Added on March 2, 2010, 11:46 amthanks a lot...

so i pay her RM30k for the furniture and renovation...do i have to declare this in the new S&P or can i just pay her without declaring....cos if i dont declare and just pay her without going thru lawyer....the S&P is just name transfer ...easier...doesnt involve buying and selling right?



This post has been edited by Fusion: Mar 2 2010, 11:46 AM

ya, you can just pay her "under table" and get the transfer of name, without the buying and selling transaction - it will involve lawyer no matter how