QUOTE(edyek @ Feb 12 2019, 05:50 PM)
Are you sure your family members (childen) dispose the property inherited (already transferred property from parents to children name) within 3 years and less than 30% in recent years? (After the amendment of RPGT of 30% in the first 3 years.)
It was a residential property owned by their parents from super long time ago (1950s). It's so old that the land title was not recognised and needed another 3 months or so to get the new one (after engaging professional lawyers/connections from buyer's side). Otherwise, it would have been longer.
And yes it was passed to the children (seller) in 2017 through their will. The children sold it in 2018 before the new RPGT taxed was imposed at 5% for 5 years and beyond. Previously was 0%. They sold for 0% RPGT without the special exemption.
QUOTE(edyek @ Feb 12 2019, 05:50 PM)
Parents buy 2013. Sell 2019. More than 5 years. Tax at 5%.
Sell at 2017 @ 4th year. Tax at 20%.
Looks right.
QUOTE(edyek @ Feb 12 2019, 05:50 PM)
Parents buy 2013. Transfer to children 2017. Children sell 2019. Less than 3 years. Tax at 30%.
No. It should be sold at 5 years and beyond and taxed at 5% (new RPGT).
Please consult a tax expert or LHDN to make sure as it could be on a case by case basis.
I'm positive that I am correct because a transfer has no intention for sale/business. One of the main reasons RPGT was introduced was to prevent property prices from increasing like mad because people think it's profitable to buy and sell.
Furthermore, there is no acquisition price (e.g. market value) for transfer between family members on the date of transfer. No cash is exchanged.
This post has been edited by Yggdrasil: Feb 12 2019, 08:53 PM