there is no inheritance tax in MY.

Only Capital Gains Tax in MY is RPGT

you can call its Gift

Normally England - Parent to Child is inheritance,

Child to Parent is Gift

But do bear in mind, if parents or children give Property to each other, there is potential RPGT

ultra666


As far as I know, there is no income tax if you receive a gift or donations but there is another issue besides tax that you have to consider which is AML / CTF (Anti-Money Laundering and Counter-Terrorism Financing)


If you suddenly receive a large sum of money in your bank account, just make sure that you can account for the source of funds. Else, you will be immediately be red flagged for AML/CTF and the penalties if you are convicted for an offence under the AML/CTF Act are substantial; RM3 mln fine and/or 5-years in jail.


You will need to show proof that someone gave you the gift and also why. The authorities might even want to investigate the source of funds, i.e. who is this person who gave you the gift and where he got his money. Of course, all this is relative and it depends on how much we are talking about.


If it is only USD10K – probably not


If it is USD1 mln – be prepared to be called for an interview.

But to answer your questions directly, you should pay a visit to the inland revenue and ask the officers whether you need to declare the gift for income tax purposes.

For the AML your receiving bank will ask you for some documents before the transfer is allowed. However this does not mean that you are in the clear as the bank may still red flag you. Subsequently you will know when you are contacted for more information.

This post has been edited by cfa28: Oct 23 2017, 12:02 PM