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Investment SETIA ECOHILL (Version 6), Inspiring Eco Township in Semenyih
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scongi
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 Dec 27 2013, 06:01 AM
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Getting Started
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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.
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scongi
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Dec 27 2013, 12:09 PM
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Getting Started
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QUOTE(cheryee @ Dec 27 2013, 09:46 AM) 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!  Ms Cheryee, Tks for your quick reply and advice....actually if assumed the RPGT is RM60,000 (example. Chargeable gain disposed in 3 yr from now is RM200,000 and tax rate is 30%), 50% saving will be RM30,000 which is quite a lot..... The cons will be the risk of the exemption might not allowed by IRB as our income tax rule always allowed the DG to direct .... This post has been edited by scongi: Dec 27 2013, 12:11 PM |
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scongi
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Dec 27 2013, 03:11 PM
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Getting Started
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QUOTE(cheryee @ Dec 27 2013, 01:17 PM) Yes, the crucial point is whether IRB permits it or not. BTW, why is your cousin so generous to let u use his once in a lifetime exemption right? He is not investors.....also I will give some incentives.... |
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scongi
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Dec 27 2013, 10:11 PM
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Getting Started
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QUOTE(cheryee @ Dec 27 2013, 01:17 PM) Yes, the crucial point is whether IRB permits it or not. BTW, why is your cousin so generous to let u use his once in a lifetime exemption right? He is not investor........anyway....will share the saving of tax with him... |
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