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> Rental income, interest and tax deduction question, How they are all related?

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TSchunho01
post Dec 8 2010, 08:57 PM, updated 14y ago

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I read before that if the property is used to generate rental income, the interest portion of the mortgage repayment can be claimed as tax deduction. I am a bit confused by the statement above.

My current interpretation of the statement is:
Let's say my monthly mortgage repayment is RM1000, and out of the RM1000, RM700 is interest.
I can deduct RM700 from my rental income as it is to pay the mortgage interest without paying tax for the RM700.
However, I will need to pay tax for the remaining rental income, the amount after deducted the RM700.

I appreciate further clarification on this matter. Thank you for all your advices smile.gif
TSchunho01
post Dec 9 2010, 08:31 PM

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Thank you everyone for your replies biggrin.gif I am now clear on the deductable expenses of taxable rental income


Added on December 9, 2010, 8:37 pm
QUOTE(kok_pun @ Dec 9 2010, 12:50 AM)

Added on December 9, 2010, 12:51 amplease note that assessment and quit rent cannot be deducted...afaik
*
Wait! From the link provided, assessment and quit rent are also included under deductable expenses. Can someone clarify this?

Note*: I have yet to buy my first property, still in learning stage. So may I ask, what is assessment and quit rent?

Malaysia Taxation on Rental Income

This post has been edited by chunho01: Dec 9 2010, 08:37 PM

 

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