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 Personal relief Income tax, legally, reduce income tax

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penangmee
post Mar 23 2011, 11:36 PM

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QUOTE(truth_seeker_09 @ Mar 22 2011, 10:46 PM)
If i buy an insurance for my children.
Can both my wife and i share the insurance amount?

eg. i buy RM1000/year for my kid. i take tax relief of RM400 and my wife take RM600?
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Answer here http://www.hasil.gov.my/pdf/pdfam/PR2_2005.pdf
para 6.1.15(d)
clovercelia
post Mar 26 2011, 12:07 AM

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QUOTE(zeese @ Mar 23 2011, 09:17 AM)
For any purchases that requires receipt as a proof, I know I can photocopy the receipt... but I'd like to know, after I photocopy the receipt, can I throw away the original receipt, and just keep the photocopy? I don't like to keep too many papers. 1 A4 photocpy can already fit at least 4 receipts in it..
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IRB will request u to present the original receipts once u r chosen to be checked. so photocopies are for our keepsake.

Added on March 26, 2011, 12:30 am
Added on March 26, 2011, 12:24 amanyone knows is 'Medical expenses for parents' include the handwritten receipts issued by the pharmacy when we purchase drugs? it that true?

This post has been edited by clovercelia: Mar 26 2011, 12:30 AM
sehtat
post Mar 28 2011, 05:34 AM

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Hi guys, are insurance policies bought under a master insurance policy eligible for personal tax relief? Cuz I just realized that I haven't been receiving any Annual Statements for that particular policy sad.gif
Intrigue
post Mar 28 2011, 08:38 AM

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how about those ING I-Income? Does it includes inside the insurance/EPF?
SUSDavid83
post Mar 28 2011, 08:52 AM

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QUOTE(Intrigue @ Mar 28 2011, 08:38 AM)
how about those ING I-Income? Does it includes inside the insurance/EPF?
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Is it a life/medical/education insurance plan?
Intrigue
post Mar 28 2011, 09:03 AM

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It is sort of a saving plan
zeese
post Mar 28 2011, 09:52 AM

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QUOTE(sehtat @ Mar 28 2011, 05:34 AM)
Hi guys, are insurance policies bought under a master insurance policy eligible for personal tax relief? Cuz I just realized that I haven't been receiving any Annual Statements for that particular policy sad.gif
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As long as the statement has a word "life insurance" on it, then it is eligible for tax relief. You must request for the annual statement. Without the statement, you cannot prove that you've purchase a life insurance.
luluquistis
post Mar 31 2011, 10:46 PM

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QUOTE(Iceman74 @ May 11 2010, 05:37 PM)
there is a ruling on it provided it is for own use & for 1 property(residence only)
dun think gov will believe you live in a shoplot  tongue.gif
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Hi...I'm new here.
Great topic going on here thumbup.gif

Question:
1. So if I own 1 unit in condo & rent it out (residence), it can be excluded from income tax?

Thanks in advance for the reply.
penangmee
post Mar 31 2011, 11:06 PM

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QUOTE(luluquistis @ Mar 31 2011, 10:46 PM)
Hi...I'm new here.
Great topic going on here thumbup.gif

Question:
1. So if I own 1 unit in condo & rent it out (residence), it can be excluded from income tax?

Thanks in advance for the reply.
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Rental income is income. You have to declare your net rental profit.
hAnn
post Mar 31 2011, 11:23 PM

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i bought my house signed the S&P last year march, m i entitle to claim housing loan relief? how should it be claimed?
ssek76
post Apr 9 2011, 10:57 PM

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I have lots of insurance statement with "Life Insurance" but not " Diferred Anuity". How should i claim for the "Diferred Anuity" ?
penangmee
post Apr 10 2011, 12:31 AM

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QUOTE(ssek76 @ Apr 9 2011, 10:57 PM)
I have lots of insurance statement with "Life Insurance" but not " Diferred Anuity". How should i claim for the "Diferred Anuity" ?
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Buy a deferred annuity from your life insurance agent. thumbup.gif
ssek76
post Apr 10 2011, 07:09 PM

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QUOTE(penangmee @ Apr 10 2011, 12:31 AM)
Buy a deferred annuity from your life insurance agent. thumbup.gif
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A stupid Q : When u buy the "Diferred Anuity", are they really will state as "Diferred Anuity" in ur statement or just "Life Insurance" ? icon_question.gif
penangmee
post Apr 11 2011, 12:34 AM

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QUOTE(ssek76 @ Apr 10 2011, 07:09 PM)
A stupid Q : When u buy the "Diferred Anuity", are they really will state as "Diferred Anuity" in ur statement or just "Life Insurance" ? icon_question.gif
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Deferred annuity is a type of life insurance . Ordinary life insurance in Malaysia = lump sum payment at the end of maturity.
Deferred annuity is life insurance with instalments paid over set period/life(eg monthly payment until death) at maturity. sort of a pension paid by the life insurance co.
khoon123456789
post Apr 11 2011, 11:49 PM

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anyone knows is 'Medical expenses for parents' include the handwritten receipts issued by the pharmacy when we purchase drugs? it that true?
penangmee
post Apr 12 2011, 11:11 PM

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QUOTE(khoon123456789 @ Apr 11 2011, 11:49 PM)
anyone knows is 'Medical expenses for parents' include the handwritten receipts issued by the pharmacy when we purchase drugs? it that true?
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Must be supported by Doctor's prescription.
ronnie
post Apr 12 2011, 11:32 PM

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QUOTE(khoon123456789 @ Apr 11 2011, 11:49 PM)
anyone knows is 'Medical expenses for parents' include the handwritten receipts issued by the pharmacy when we purchase drugs? it that true?
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Best receipts issued in hospitals under "your name for your parent's name"
nemo2
post Apr 13 2011, 02:07 AM

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QUOTE(khoon123456789 @ Apr 11 2011, 11:49 PM)
anyone knows is 'Medical expenses for parents' include the handwritten receipts issued by the pharmacy when we purchase drugs? it that true?
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What is stated in that handwritten receipts? Name of the pharmacy? Type of medicine? Amount? Date?
If hv all these, should be all right.
sleepy
post Apr 14 2011, 09:43 AM

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hi folks, where do i fill in "JUMLAH ELAUN / PERKUISIT / PEMBERIAN / MANFAAT YANG DIKECUALIKAN CUKAI" in the e-BE form?
ronnie
post Apr 14 2011, 10:07 AM

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QUOTE(sleepy @ Apr 14 2011, 09:43 AM)
hi folks, where do i fill in "JUMLAH ELAUN / PERKUISIT / PEMBERIAN / MANFAAT YANG DIKECUALIKAN CUKAI" in the e-BE form?
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Since it's DIKECUALIKAN CUKAI, you don't need to fill it up lah.
It's there for you & LHDN record purpose when auditting your file
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