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Stamp Duty waiver 75%, love and affection RM10
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SUSMr Mercedes
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 Oct 7 2022, 07:53 PM, updated 4y ago
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KUALA LUMPUR (Oct 7): The government raises stamp duty remission to 75%, increased from 50% previously, for transfer of residential properties priced between RM500,000 to RM1 million.
The increase in remission will be effective until Dec 31, 2023, said Finance Minister Tengku Datuk Seri Zafrul Tengku Abdul Aziz in his speech tabling the National Budget in Parliament on Friday (Oct 7).
The increment comes after the government announced a stamp duty exemption for first time home buyer of properties below RM500,000 in July, with the aim of encouraging ownership of first residential property.
The stamp duty exemption for first time home buyers will remain effective until Dec 31, 2025.
Meanwhile, the government has proposed a stamp duty fee of RM10 on transfers of property by way of love and affection between family members, such as husband to wife, father to child, or grandfather to grandson.
Prior to this, property transfers between spouses have been exempted from the payment of 50% stamp duty. However, property transfers between parents and children have been subject to the stamp duty payment.
This post has been edited by Mr Mercedes: Oct 7 2022, 07:53 PM
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Bill888
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Oct 7 2022, 08:06 PM
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New Member
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You mean no stamp duty between parents and children now??
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h@ksam
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Oct 7 2022, 08:08 PM
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QUOTE(Bill888 @ Oct 7 2022, 08:06 PM) You mean no stamp duty between parents and children now?? they are adding a stamp duty FEE. |
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Bill888
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Oct 7 2022, 08:11 PM
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New Member
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QUOTE(h@ksam @ Oct 7 2022, 08:08 PM) they are adding a stamp duty FEE. You mean RM10 only??? |
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h@ksam
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Oct 7 2022, 08:13 PM
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QUOTE(Bill888 @ Oct 7 2022, 08:11 PM) clearer picture below QUOTE KUALA LUMPUR, Oct 7 — Individuals wishing to transfer their deed of assignment to their family members will only now need to pay a fixed rate of RM10 stamp duty next year onwards, Finance Minister Datuk Seri Tengku Zafrul Abdul Aziz said today.
In unveiling Budget 2023, Tengku Zafrul said the new policy would be enforced on any deed of assignment transfers between family members of the same household.
"Since the love of a parent and their children cannot be halved, the government has decided that all transfers involving property based on love such as between spouses, parent-child or grandparent-grandchildren will only be charged a stamp duty of RM10," he said.
At present, transfers of property made between spouses are fully exempt from stamp duty whereas transfers between parents and children where the recipient is a Malaysian citizen is 50 per cent exempt from stamp duty.
Gifts between grandparents and grandchildren are not exempt from stamp duty and gifts between other family members are not exempt from stamp duty either.
Separately, Tengku Zafrul also announced that stamp duty exemption to both property transfer and loan agreements for houses worth between RM500,000 to RM1 million will be increased from 50 per cent to 75 per cent until the end of 2023.
"For example, a 100 per cent exemption on a RM300,000 house purchase would result in savings of RM6,500 whereas a 75 per cent exemption on a RM750,000 house purchase would result in savings as much as RM15,000," he said. |
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SUSMr Mercedes
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Oct 7 2022, 08:16 PM
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QUOTE(Bill888 @ Oct 7 2022, 08:06 PM) You mean no stamp duty between parents and children now?? QUOTE(h@ksam @ Oct 7 2022, 08:08 PM) they are adding a stamp duty FEE. Prior to this, property transfers between spouses have been exempted from the payment of 50% stamp duty. However, property transfers between parents and children have been subject to the stamp duty payment. For example, a child who receives a transfer of a property valued at RM 1 Million, will need to pay 50 % of the full stamp duty (wherein the full stamp duty on a million ringgit property is RM24K), at 50% of the full stamp duty, meaning they only pay RM12k. However, it seems the gomen is charging RM10 flat rate now, instead of the stamp duty based on the value of the property. |
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corallinkz
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Oct 7 2022, 08:17 PM
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Thank you gomen. Best gomen ever
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h@ksam
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Oct 7 2022, 08:17 PM
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QUOTE(Mr Mercedes @ Oct 7 2022, 08:16 PM) Prior to this, property transfers between spouses have been exempted from the payment of 50% stamp duty. However, property transfers between parents and children have been subject to the stamp duty payment. For example, a child who receives a transfer of a property valued at RM 1 Million, will need to pay 50 % of the full stamp duty (wherein the full stamp duty on a million ringgit property is RM24K), at 50% of the full stamp duty, meaning they only pay RM12k. However, it seems the gomen is charging RM10 flat rate now, instead of the stamp duty based on the value of the property. I bet kronies benefit most. |
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lorrydriverrocks
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Oct 7 2022, 08:18 PM
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Getting Started
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QUOTE(corallinkz @ Oct 7 2022, 08:17 PM) Thank you gomen. Best gomen ever Make sure vote BN ya |
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Blofeld
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Oct 7 2022, 08:23 PM
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QUOTE(lorrydriverrocks @ Oct 7 2022, 08:18 PM) Okay |
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Sone Shin
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Oct 7 2022, 08:23 PM
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Getting Started
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QUOTE(h@ksam @ Oct 7 2022, 08:17 PM) I bet kronies benefit most. Yes. About time to transfer for their next of kin. Before kena sue to mahkamah. |
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SUSredic
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Oct 7 2022, 08:27 PM
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QUOTE(Sone Shin @ Oct 7 2022, 08:23 PM) Yes. About time to transfer for their next of kin. Before kena sue to mahkamah. haha so true  |
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