Jan 17 2019, 08:31 AM
QUOTE(northernhero @ Jan 17 2019, 08:10 AM)
Hi,
A bought a land more than 20 years ago, then changed ownership of the land to his son 10 years ago.
Now A's son has sold the land, this should be the first time A selling any property, is the proceeds of the land taxable?
Thanks.
If Memorandum of Transfer sign before 1 January 2019, no RPGT need to be paid for Property more than 5 years. But if sign after 1 January 2019, under the new rule, RPGT is imposed for all Property Transaction (unless below RM200,000) at 5% (if Individual) or 10% (If Company) in Year 6 and so on of holding the propertyA bought a land more than 20 years ago, then changed ownership of the land to his son 10 years ago.
Now A's son has sold the land, this should be the first time A selling any property, is the proceeds of the land taxable?
Thanks.
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