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 Stamp Duty (Remission) (No.3) Order 2010, 50% off stamp duty for MOT/DOA & LoanDoc

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terradetey83
post Apr 13 2011, 06:54 PM

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QUOTE(dariofoo @ Feb 10 2011, 02:12 PM)
Dear friends,

Enclosed are copies of the Stamp Duty (Remission) (No.3) Order 2010 [P.U. (A) 475] and Stamp Duty (Remission) (No.2) Order 2010 [P.U. (A) 423] which came into effect from 1st January,2011. This puts into effect what was announced by our PM in his Budget 2011 speech last year.

50% remission on stamp duty payable on MOT/DOA:
[attachmentid=2035793]

50% remission on ad valorem stamp duty payable on facilities agreement
[attachmentid=2136248]
Basically, the conditions that has to be fulfilled are:

1. The property must be a residential property;

* residential property is defined as 'a house, condominium unit, an apartment or a flat built as a dwelling house'.

2. The purchase price of the property must not exceed RM350,000.00;

3. The applicant (purchaser) has not owned any other residential property;

* note that it doesn't state commercial property. As such, if you have owned any commercial units prior to your current first purchase of a residential property, you would be applicable.

4. The purchaser must be a Malaysian citizen.

* Not applicable to PRs and foreigners.

5. The Sale & Purchase Agreement is executed on/after 01.01.2011 but on/before 31.12.2012

6. The application for remission can only be made ONCE.

Hope the above info helps  nod.gif 

icon_rolleyes.gif
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Has anyone of you know whether this 50% discount applied to Joint Account holder(me and my wife shared to buy our first house) as well?

terradetey83
post Apr 15 2011, 01:49 PM

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QUOTE(dariofoo @ Apr 15 2011, 10:03 AM)
Yes of course  nod.gif
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Thanks dariofoo....

Initially i thought only applied to individual holder only, where do you got this info from, any links to share? smile.gif
terradetey83
post Apr 15 2011, 11:48 PM

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QUOTE(dariofoo @ Apr 15 2011, 10:20 PM)
It's quite clear from the order itself, mate. It applies to anyone, irregardless of his/her share in the property - so if a person owns 1/5 of the property, he pays only 50% of that 1/5 share.  smile.gif
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Thanks again..smile.gif

I and my wife just bought a new landed house, under-construction and it's under master title now. Cos i asked my SPA lawyer the other day, he told me he has no idea about the 50% stamping fee discount, and we might be signing the MOT 1 or 2 yrs later....make me confused also...

So, as long as got 50% discount and applied to Joint holder as well, then i can save a lot $$....hehe
terradetey83
post Apr 17 2011, 10:30 AM

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QUOTE(dariofoo @ Apr 16 2011, 11:58 AM)
doh.gif
That is true. Since it is still under master title and ure buying from the developer, the 50% rebate does not apply for now. Only when individual title is out, would you then execute the MOT and during that time, the 50% rebate would apply.  nod.gif
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What if i bought another house now, and the MOT of my 2nd house will be executed prior to my first house, do i get the 50% discount for my 1st or 2nd house?

FYi, i already signed the loan agreement, SPA for my first house, except the MOT....
terradetey83
post Apr 17 2011, 09:41 PM

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QUOTE(dariofoo @ Apr 17 2011, 11:00 AM)
1st property. You'd have to wait then  nod.gif
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hehe..thanks a lot

I dont mind to wait also, I wanted to make it for my 1st property also, cos i jz booked my 2nd property with the smaller amount compare with my 1st property...smile.gif

 

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