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 Income Tax Issues

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lala01
post Apr 2 2010, 10:22 PM

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QUOTE(attahun @ Apr 1 2010, 11:36 AM)
interesting, thanks for period mentioned. so it seems to be the right time to buy a house!  tongue.gif
Can somebody elaborate this? Lets say how to split the replief between husband and wife...lazy to google.. tongue.gif
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Each individual is allowed an amount of relief for each year based on the following formula:
A x B
C
where;
A = total interest allowable in the relevant year;
B = total interest expended by the relevant individual in the relevant year;
C = total interest expended by all the individuals.

A = RM 10000 (max allowable)

Example, in year 2009, you paid RM5000 for the house interest and your wife paid RM5000;
C = Total interest = RM10000

Your amount of relief = RM10000 x RM5000/RM10000 = RM5000
Your wife amount of relief = RM10000 x RM5000/RM10000 = RM5000

I guess it should be like that, correct me if I am wrong.


Added on April 2, 2010, 10:36 pm
QUOTE(Felice821 @ Mar 16 2010, 02:28 PM)
Urgent inquiries here!!

Is the Housing Loan interest deduction applicable for the house which bought on 2006?

And, how can I check back my previous year income tax submission? I forgot which year I claimed for the personal computer.
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Housing Loan Interest relief is only applicable for S&P signed between March 2009 - Dec 2010..

This post has been edited by lala01: Apr 2 2010, 10:36 PM
lala01
post Apr 3 2010, 09:21 AM

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QUOTE(attahun @ Apr 3 2010, 01:25 AM)
looks ok..but how does my wife pay the interest? the loan shall be on my own name and i will be paying (as it may seem)..does this term allow me to split the amount of interest to my wife if i feel like it?
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I'm not very sure on that, but if the S&P is signed by two person, but only YOU paying for the loan amount, I think the interest relief only on you. But pls. correct me if I am wrong.

This is because when LHDN needs any supporting documents or checked in their system, your wife doesn't have the supporting documents that she actually paid for the loan together.

But I'm not 100% confirm on this. I'm just analyzing on the logic side.. haha Anyone can clarify this?


Added on April 3, 2010, 9:22 am
QUOTE(David83 @ Apr 3 2010, 04:28 AM)
They have a new PCB table now. It's different from previous two years ago.
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Yupe, you can check here: http://www.hasil.gov.my/lhdnv3/documents/p...0PCB%202009.pdf


This post has been edited by lala01: Apr 3 2010, 09:22 AM
lala01
post Apr 4 2010, 10:51 PM

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Why they refunded you more? hmm

This is my first time doing declaration, PM investment have to declare or not>? Some of my friends say need, some no need. But I didnt see anywhere to declare in e-filling. Pls advise.

Thanks!
lala01
post Apr 7 2010, 09:20 PM

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QUOTE(David83 @ Apr 6 2010, 08:36 AM)
He's referring to unit trust investment. PM is the acronym for Public Mutual.
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Yupe, Public Mutual (PM). Btw, how to declare and what to declare? Gross? Hmm, need to check with Public Bank or public mutual online can check?

Which column in Tax form to be filled up?
Thanks
lala01
post Mar 26 2011, 02:48 PM

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All, need some expert help. From the above calculation, seems to be correct but when I calculate, I feel something is wrong haha.

Let's say my interest paid in 2010 is rm5000 (joined name by 2 person).
So, each of us paid RM 2500 for the interest only.

Based on the calculation, it will be;

RM10000 (allowable) x RM2500 (paid per person) / RM5000 (total interest paid) = RM 5000
That means I can claim for tax relief of RM5000? blush.gif

Doesn't seem right...

lala01
post Mar 26 2011, 03:33 PM

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QUOTE(lara_ @ Mar 26 2011, 03:29 PM)
10K is max allowable if you paid more than 10K. Otherwise it is the amount you paid which in the case above 5K.
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Means I can ask for relief for RM5000 and my partner RM5000? Or each RM2500?
Then the calculation given in their website is not correct anymore..

Or RM10000 max / house? If shared by two, max allowable relief is RM5000?

Thanks
lala01
post Mar 26 2011, 04:43 PM

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QUOTE(lara_ @ Mar 26 2011, 04:08 PM)
Max per house is 10K. Each person 5K.
If you only pay 5K then it is 2.5K. It does not make sense to claim 5K each.

The formula is correct. You paid 5K, B/C if both same amount is equal to 1 which is still 5K. In your case, B/C is 1/2 which is 2.5K. How did you manage to get 5K/2 = 5K?
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Nah, I am calculating based on Max allowable relief per person RM10000. Didn't know that RM10k is max per house.
I'm asking because it doesn't make sense at 1st.

Thanks!


Added on March 26, 2011, 4:44 pm
QUOTE(penangmee @ Mar 26 2011, 04:42 PM)
Deduction allowed is the interest suffered subject to a maximum claim of RM 10,000. If shared by two, then claim is 1/2 of interest paid or RM 5000 which ever is the lower.
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Thank you so much! smile.gif
I do agree with you. So, actually we dont have to use that formula to calculate right?

I was thinking if me and my partner are paying rm4000 total interest, each rm2000 interest, both of us are eligible to claim tax relief of rm2000 per person.
If calculate based on B/C, it will be rm5000 x 1/2 = rm2500... tongue.gif (or I phail in Maths? haha)

Understood now! Thanks all..

This post has been edited by lala01: Mar 26 2011, 04:55 PM
lala01
post Mar 26 2011, 06:42 PM

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Yupe, I think so. Now I can submit my tax dy!

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