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 Income Tax Issues v3, Anything related to Personal Income Tax

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AskChong
post May 28 2014, 10:12 PM

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QUOTE(Denise_D @ May 22 2014, 03:28 PM)
dear all....

i have some question regarding the personal income tax.....hope any tax expert can give some advice...

scenario :

i will inherit some prop & cash from parent and i know currently there is no inheritance tax ( from parent to child) in malaysia.

i am planning to give some portion about few hundred K back to my parent in the form of money. Eg transfer to their bank account.

my question, after my parent receive the money, will they be subject to personal income tax? can i consider this as parent inherit from child??

thanks for all advice...
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Income Tax in general means income earned.

Money from children to parent or parent to children are not income under Section 4 of Income Tax Act 1967.

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