Say, the seller is disposing his property and you managed to introduce a buyer to the seller. Seller is willing to give a % of the purchase price as commission.

Scenario A:
i) The commission is RM10K

Will you file a tax return?


Scenario B:
i) The commission is more than half a million.

How do you go about it?

This post has been edited by mist8: May 4 2017, 05:48 PM

Are you a property agent working for a real estate agency? if not, why the need to file tax?

all income has to be taxed

This is neither employment income nor business income, you can say you are just doing a favor for a friend and he gave you some monetary gift, which are totally off the book, how is this taxable?

i have to defer from answering this. As far as I understand, all income is taxable, gifts or otherwise. But maybe a tax agent or an accountant can answer you with more accuracy.

Please read the definition of income derived by the Income Tax Act.

If you want to risk half a million worth of commission and not declaring it, you will be targeted by IRB very soon.

Why don't you do us all a favor by giving the exact reference or link that shows that this is indeed classified as an "income" and taxable. Else you are just another keyboard warrior who has no idea what he's talking about.

To me, this is no difference from money inherited from your rich parent, or your rich uncle suddenly decided to give you a large sum of money, which I'm pretty sure are not taxable

if you're not a REN, good luck to u if your seller doesnt want to pay u at all.

can actually use a lawyer to become a stake holder actually. this is legal, as long as the owner and seller agree that the lawyer will be the stake holder. the issue at hand is the taxable income