QUOTE(scongi @ Dec 27 2013, 06:01 AM)
I bought the property and finance by loan. I thinking to put my cousin name as joint owner ( for purpose of RPGT first time exemption when the property sell within five year) and create power of attorney and trust deed ( myself is beneficiary and donee and my cousin is donor). Any sifu or simu please advise :-
1) Is the PA and trust deed is effective even after the death of the donor?
2) Is the PA and trust deed is irrevocable?
3) Do the first time exemption is allowed by IRB in the above case (PA and trust deed)?
It is a bit complicated but hope some expect can advise. Tks.
Scongi,
First of all, if you intend to add your cousin as a co-purchaser in the SPA for RPGT exemption purposes, please note that the exemption is only applicable for 50% of the taxable gain as your cousin is merely a half share (50%) beneficial owner of the property.
As for your queries:-
1) PA and Deed of Trust
CAN BE APPLICABLE OR NOT APPLICABLE upon the demised of the donor and trustee, depending on the construction of the said documents.
2) PA and Deed of Trust is
REVOCABLE.
3) I am not very sure on this issue but I can check for u geh

.
Hope my explanation helps!