QUOTE(barney @ Jul 7 2020, 04:34 PM)
So i am going to sell my first house. Thing is now i want to know how the real property gain tax calculation is done now. Ive been doing my own digging and found this site
https://www.hslim.my/en/lawyer/latest-2020-malaysia-RPGT
The calculation is pretty simple. Here is an example
Jan 1 2018 SNP i purchased is RM1,000,000 lets say
Jul 7 2020 SNP i sold is RM1,100,000 lets say
so 1,100,000 - 1,000,000 = RM100,000 my so called earning.
Since my property holding 3 years and below, im subjected to 30% real property gain tax
RM100,000 x 30% = RM30,000 i need to pay back as tax
Now on that website link above it stated below this as an example
Now does that mean that i can offset my lawyer fee, reno fee, and also commission from the RM30k i suppose to pay back for the property gain tax?
Take this case for example
Lawyer fee = RM10,000
Renovation fee = RM0 (assuming i no do any reno)
commission fee = RM23,320 (is this the sales agent property commission? RM1,100,000 x 2% comission = RM22000 x 6% SST = RM23,320?)
I got 2 question here
1) What lawyer fee, is that the lawyer fee that i engage to sell my house?
2) What is commission fee actually that we can deduct from RPGT actually? Is that the agent fee? Because if that is the selling agent fee, then the amount will become negative! RM30,000 - RM10,000 (lawyer fee) - RM23,320 (agent commission) = -RM3320!
Any advice here on selling a property and about the property gain tax would be much appreciate as i am so new to this.
Yes, when it is negative there is nothing to pay to LHDN.https://www.hslim.my/en/lawyer/latest-2020-malaysia-RPGT
The calculation is pretty simple. Here is an example
Jan 1 2018 SNP i purchased is RM1,000,000 lets say
Jul 7 2020 SNP i sold is RM1,100,000 lets say
so 1,100,000 - 1,000,000 = RM100,000 my so called earning.
Since my property holding 3 years and below, im subjected to 30% real property gain tax
RM100,000 x 30% = RM30,000 i need to pay back as tax
Now on that website link above it stated below this as an example
Now does that mean that i can offset my lawyer fee, reno fee, and also commission from the RM30k i suppose to pay back for the property gain tax?
Take this case for example
Lawyer fee = RM10,000
Renovation fee = RM0 (assuming i no do any reno)
commission fee = RM23,320 (is this the sales agent property commission? RM1,100,000 x 2% comission = RM22000 x 6% SST = RM23,320?)
I got 2 question here
1) What lawyer fee, is that the lawyer fee that i engage to sell my house?
2) What is commission fee actually that we can deduct from RPGT actually? Is that the agent fee? Because if that is the selling agent fee, then the amount will become negative! RM30,000 - RM10,000 (lawyer fee) - RM23,320 (agent commission) = -RM3320!
Any advice here on selling a property and about the property gain tax would be much appreciate as i am so new to this.
Your lawyer will do all the calculation on behalf of you.
Also are you aware that there is RPGT exemption going on?
Jul 7 2020, 09:15 PM

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