Just sharing some info I have gotten from website.
Example of Malaysia Property Gain Tax for foreigners and Malaysians:

In March 2009 – you brought a condominium at MYR 580,000
In January 2013 – you sold at MYR 670,000
After 3 years, your gain will be MYR 90,000

You can deduct these expenses paid for the property:

Legal fees and stamp duty during purchase – MYR 12,760
Loan legal fees and stamp duty during purchase – MYR 11,800
Agency fee paid to dispose your property – MYR 11,500
Renovation costs paid – MYR 10,000
Legal fee paid during selling – MYR 1,500
Total expenses paid – MYR  47,560

Net gains on the property : MYR 42,400
Tax rate to pay will be MYR 42,400 x 10% = MYR 4,240
In actual fact, you only pay approximate 5% tax rate, not 10%.
There is no difference in Malaysia Property Gain Tax Rate for a foreign-owned property title name under individuals or companies.Malaysia Property Gain Tax for Foreigners

Any idea interest paid can deduct from tax?

Any idea interest paid can deduct from tax?

this tax relief is different..

Just sharing some info I have gotten from website.
Example of Malaysia Property Gain Tax for foreigners and Malaysians:

In March 2009 – you brought a condominium at MYR 580,000
In January 2013 – you sold at MYR 670,000
After 3 years, your gain will be MYR 90,000

You can deduct these expenses paid for the property:

Legal fees and stamp duty during purchase – MYR 12,760
Loan legal fees and stamp duty during purchase – MYR 11,800
Agency fee paid to dispose your property – MYR 11,500
Renovation costs paid – MYR 10,000
Legal fee paid during selling – MYR 1,500
Total expenses paid – MYR  47,560

Net gains on the property : MYR 42,400
Tax rate to pay will be MYR 42,400 x 10% = MYR 4,240
In actual fact, you only pay approximate 5% tax rate, not 10%.
There is no difference in Malaysia Property Gain Tax Rate for a foreign-owned property title name under individuals or companies.Malaysia Property Gain Tax for Foreigners

There are 3 exemptions currently, not just the one-time exemption. The full details of all 3 exemptions are as follow:
(a) RPGT exemption on gains from the disposal of one residential property
once in a lifetime to individuals;
(b) RPGT exemption of up to RM 10,000 or 10% of the net gains,
(whichever is higher) from the disposal of real property by individuals;
and
© RPGT exemption on gains arising from the disposal of real property
between family members (e.g. husband and wife, parents and children,
and grandparents and grandchildren).

That means, if we use your example below, since the amount due in tax is only RM4,240, which is less than the RM10,000, there will be no tax for that too. In short, if your net gain is less than RM100k, you will not need to give any tax, for the time being, until this act is amended.

then which is the correct one boss?

Rpgt tax on disposal < 5 years, question is can this deduct from rpgt, as for rental, you can deduct interest paid from income tax

then which is the correct one boss?

Best to avoid tis scenario is sell it after 5 yrs for the current ruling. 

No headache. 

Do not utilize the benefit just for the sack of using it. U won't lose athg if die without using it. For my case, I stil dun hav a chance to even think bout it. Cos I dun flip. 

interpretation of Sch 4 of RPGT Act 1967 a.k.a. Sch 4 exemption.

generally, to determine the net capital gains, you are allowed to subtract from the gross capital gain certain expenses (don’t forget to keep the bills!) such as:
• legal fees
• sales commission incurred in selling the property (typically between 2% – 3% of the selling price)
• expenditure incurred in upgrading the property such as renovations and interior design works
• note that interest paid on housing loan is NOT exempted

wef 1 Jan 2010, the maximum allowable deduction here is RM10,000 (previously RM5,000) or 10% of the capital gain, whichever is greater.

If the property is under joined names will this rpgt exemption applicable for both at the same time or just either one only?

This would be very interesting, if the SPA signed under joint name of two, i wonder whether both of them have to apply for the exemption or either one.

I think the  exemption of 10% is on the  net chargeable gain/capital gain but not on the RPGT. In this case, the net chargeable gaini/ capital gain is RM42,400 less RM10,000 (greater of 10% on RM42,400 or RM10,000) = RM32,400. RPGT will be RM3,240 (RM32,400 x 10% for disposed in 4th year prior to 1.1.2014)

If the property is under joined names will this rpgt exemption applicable for both at the same time or just either one only?

either one.