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 Selling property & income tax declaration

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mini orchard
post Apr 10 2022, 10:00 PM

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QUOTE(ericthai @ Apr 10 2022, 06:02 PM)
I signed S&P in Dec 2021 but buyer loan took several months to disburse. I am the seller.

In declaring income tax for 2021.....

There is this column 'disposal of asset under Real Property Gains Tax' and 'Disposal declared to LHDNM'.

What should I write for these two columns?

I bought property more than 10 years ago so there was no tax deducted.
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All sellers have to declare chkt 1a within 60 days upon signing of snp. If your lawyer or yourself have submitted the form then ....

In the BE form ... indicate YES.

This post has been edited by mini orchard: Apr 10 2022, 10:02 PM
mini orchard
post Apr 11 2022, 06:13 AM

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QUOTE(ericthai @ Apr 10 2022, 10:08 PM)
I am not sure whether my lawyer submitted the form or not. If he didn't , does that mean government can prosecute him?

I hired him to do things for me because I don't know the legal procedures.

So does it mean 'yes' to both columns?
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The seller is responsible for all tax filing because the property is in your name. You can appoint anyone to do the submission but as the registered property owner, you must ensure is it done.

You can check the lawyer bill. If is indicated, then it should be done. Call his office to confirm b4 you submit BE.
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