found this while googling.......
Gifts
Gifts tax does not exist in Malaysia. Estate duties were repealed since 1stNovember 1991.
Gifts between spouses, parent and child, or grandparent are deemed to be zero gain on loss transaction.

http://hasil.family.my/investment-income-a...gains-taxation/

No inheritence and gift tax in Malaysia?, Tax free for assets transfer to child?
https://forum.lowyat.net/topic/1479601/all

This post has been edited by T231H: Jul 20 2015, 08:37 PM

Between close family member, there is no tax for asset transfer.

There is no inheritance tax in Malaysia.

eddyooi....here it is.....

The answer is no.
You just need to keep the document to show you made 300K, and the 150K came from the 300k.

IMHO, this is too simple a generalization. Any simple generalization will almost always have enough exceptions to the contrary.

A) Keeping cash can be simply viewed as holding on to the privilege of being able to survey options. (Maximizing liquidity, for short)
B) Any use of cash is a commitment to an option.

But what is the goal of keeping cash then? To Maximize Liquidity simply as an end to itself? Of course not, unless you are a daft money manager. I'm assuming then your generalization of "Cash is king" then is that it's best for Maximizing Net worth.

But is keeping cash always really the best for maximizing net worth? The answer is that it's entirely SITUATIONAL. And paying cash for a car (assessed against all other present and future options) is not necessarily a bad choice to make. Though I will leave out the details of when and why.

FYI, there is this thing called the cost of holding cash.

To the person that revived this old topic.
Someone earlier mentioned "Straight Line" interest and "Rule of 78".
1) Straight line method aka Flat Interest aka simple Interest is an interest payable calculation method <=== This is the what makes a personal loan or car loan more expensive than it seems. Beware.
2) Rule of 78 aka Sum of Digits method is a settlement calculation method <=== This is why it may make sense to settle your house loan early, but not necessarily your car loan or personal loan

This post has been edited by METALRAGE: Jul 21 2015, 11:09 PM

RM120k , down payment RM115k

5k more also cant pay? haha

No penalty needed since the penalty already charged on your car loan when you took it. That's why it is flat rate, that's the penalty.
I settle my 5 year loan on 13th month, savings are about rm3600 on interest based on rm6000 total interest. In some sense, I've paid 2 years interest.
Savings are there as long as we settle early.

Constructive and well said.

While Cash is King, who said kings don't fall? It's how you use it that makes all the difference.

The mechanics you explained are wrong.

But of course, reading from all your posturing on this forum in the past, you know everything already and have nothing more to learn.

U are better off utilizing the 35k by putting it into your main savings to finance another house.

true 2

rm115k, can pay down payment for small condo lo, better ROI right

but cannot take children to school, goto work or go for family outings with the condo right?
sometimes in life, not everything is about better ROI, right?

This post has been edited by MUM: Jul 25 2015, 10:25 AM

Bagi sesetengah orang yang dilabel "suarahebat" sebenarnya lebih baik di gelar "tin kosong".

Kalau tak tahu patut google je, bing pun boleh atau pun gunalah apa-apa search engine yang sedia ada. Yang si jahil ni, kalau google "rule of 78" pun boleh jadi pandai. Tapi tak nak! Buka mulut aje, cakap yang bukan-bukan.

Kalau bodoh boleh diajar... masih ada harapan. Kalau bodoh dan angkuh sombong pulak.... Alamak!

Xuzen

This post has been edited by xuzen: Jul 25 2015, 01:09 PM

Bro, can you elaborate what you meant by penalty already charged to your car loan when you took it ?

I settled my car loan on 13th month, loan total interest should be rm6000 but I only get rm3600 of savings. If were to average out, each month I should be paying rm100 of interest, that's rm1300 of interest and my savings should be rm4700, but this never happens. They still blind blind whack me rm1100
That's the best part on flat rate interest. Settle early or not, we have to pay for the "penalty"

The banks are regulated; they don't "blind blind whack me rm1100".

This is how 'rule of 78' is calculated in charging the total interest in an early settlement:
5 years loan or 60 months.
Total summation of 60 months: 60+59+58+57+56+55+...+6+5+4+3+2+1 = 1830

Which means if settlement in 60th month, total interest to pay = 1830/1830 x RM6000
Which means if settlement in 5th month, total interest to pay = (60+59+58+57+56)/1830 x RM6000

Which means if settlement in 13th month, total interest to pay = (60+59+...+49+48)/1830 x RM6000 = 702/1830 x RM6000 or about RM2301.64

You have already paid about RM1200 in interests in the previous 12 months, so it is RM2301.64 less 1200.

BTW. You managed to cough out 48 months of installments... congrats

BTW. You saves nothing. It is like going to a sale. You think you saves 30-70% when you bought something you don't really need. You might as well saves 100% by not buying it.

I need to do some calculation..

Does the money kept in account, or FD, or ASB?
I prefer loan to the max, cause the money can be use for better things...in sense of business capital...

what if nobody wants to rent your property ?