Hi,

I am thinking of purchasing property under my son's name. He is above 21. I am thinking that this will eliminate transfer fees if something happens to me (I do have a Will with my son as beneficiary). Also, looking at the 50% first time buyer stamp duty discount for property < RM1M. Plan is to buy cash, no loan.

Is there any cons of doing this or any other benefits, either for me or my son? Obviously he will use up his 'first time buyer' privilege in case such benefit is offered in future.

Advise and opinions appreciated. Thanks.

This house is for him or for u? Chinese culture be like use his lo. But if western culture you guys should have different house. Leave whatever benefits of his to him. If not next time he wan move out then blaming game happen. Spend that 10k to keep ur head up la.

Thanks for advise, but no issues here. Got more houses than immediate family. Enough for everyone.

Just nominal rm10 stamp duty for transfer to your son under the will if something happen to u la *choi* and first time buyer gets stamp duty waiver for property 500k and below.

Is there such thing?

Yes, first time home buyer gets stamp duty waiver for property valued 500k and below.

I was asking about < 1m.

Yes. Google.

So easy ah? still got other charges lah

Son not yet married right?
When another party and family get involved in future, just be careful lah.

put your name and his name together.
not his name alone.

Point noted. Thanks.

Thanks to others too. Good to get different views and opinions.

I asked because someone in the family bought his 1st house recently (500k -1m price range) and is waiting for loan disbursement. He didn't get any stamp duty exemption.

Googled as you suggested and saw the announcement on 15 Jul.

That is just an announcement. It is not valid unless and until it's gazetted. So as far as I am concerned, for now, there is only stamp duty exemption for 1st home buyer 500k and below.

He checked with his SPA lawyer, was told the same about not gazette.

I know about exemption for RM500k and below, that's why I asked about the exemption for<RM1m.