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WTA stamp duty exemption (>500k) criteria
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TSmushigen
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 Oct 12 2022, 10:48 AM, updated 3y ago
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Dear All, Some time back, PM announced 50% stamp duty exemption for houses >RM500k, <RM1m. https://www.edgeprop.my/content/1903062/sta...00-%E2%80%94-pm“The exemption is for sale and purchase agreements completed from June 1, 2022 to December 2023,” he said.What does "completed" in the above context mean? Date of SPA signing or date of stamping at LHDN? If someone's SPA is dated 31/5 but is stamped in June, is it still possible to get a refund for the stamp duty paid? TIA. |
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TSmushigen
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Oct 12 2022, 11:17 AM
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QUOTE(mini orchard @ Oct 12 2022, 10:57 AM) For govt related matters, their stamping date is the official completion of documents. If stamping date is on 02.01.2024, dont qualify, if snp 31.12.23. TQ for the reply. Understand about the cut off date. How about SPA signed before the start of new exemption date? Announced date starts from June 1, 2022. What if SPA is signed in May 2022 but only stamped later, say in June or July 2022? Before this announcement, there was no discount for stamp duty for purchase of home in between RM500k to RM1 million. |
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TSmushigen
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Oct 12 2022, 01:59 PM
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QUOTE(mini orchard @ Oct 12 2022, 11:23 AM) In my experienced, lawyers normally dont date the SnP until the day or two before going for stamping. Reason being, if there is any problem prior to stamping dateline, they can rectify those to avoid a penalty In your case, is up to the discretion of lhdn. They may say doc date and stamping date must be within the time frame stated. Ask your lawyer or you appeal, if they reject. All stamping must be done within 30 days from document date, otherwise penalty will be levied. SPA dated end May 2022, stamped in June 2022. Purchaser checked with lawyer, was told "not gazeted yet, so not clear too".  |
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TSmushigen
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Oct 12 2022, 09:07 PM
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QUOTE(DragonReine @ Oct 12 2022, 08:51 PM) At this point, Budget 2022 is sales tactics. Nothing will be set in stone until after election. Agree about Budget. However, the 50% reduction was announced in July. It was increased to 75% in Budget 2023. https://ringgitplus.com/en/blog/budget-2023...et-at-rm10.htmlOn a separate note, Tengku Zafrul also announced that the stamp duty for houses worth between RM500,001 to RM1 million will be increased to 75% from the current rate of 50%, effective until 31 December 2023It's strange why he said current rate is 50% when it has not even been gazetted yet since the announcement in July. The earlier HOC discount of 50% was discontinued after HOC ended on 31/12/2021. |
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TSmushigen
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Mar 6 2023, 03:38 PM
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QUOTE(ReaperOfSoul @ Mar 6 2023, 03:15 PM) Hi all, Bumping this old topic to avoid opening another. Would like to understand more about the stamp duty exemption for >RM500k house from the recent Budget 2023 announcement. It appears that the exemption would not be in force until gazetted. Appreciate if anyone with experience can share the following: 1. Typically, how long would gazetting / passing in parliament take? 2. Say for example the exemption is gazetted in June 2023, but the SPA is signed, stamp duty paid in May 2023, will a retrospective claim /refund of the stamp duty fee be allowed? Many thanks in advance! May 2022 or May 2023? |
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TSmushigen
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Mar 7 2023, 11:17 AM
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QUOTE(ReaperOfSoul @ Mar 7 2023, 11:01 AM) May 2023. It is for a purchase that I'm considering, before the 75% stamp duty exemption for >RM500k - RM1m property incentive is put in place. I feel for you, the uncertainty is certainly unpleasant. Having said that, IMO buying a property is about timing and "fate". The property you fall in love with may never reappear if you missed it. Some may just shrug their shoulders and look for another, while some like me will probably feel regret for a long time. |
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TSmushigen
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Mar 24 2023, 02:26 PM
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QUOTE(alicelimsl @ Mar 24 2023, 11:23 AM) MOT stamp duty is not pay during the SPA right? it's the time when get vp. In my case, I paid during SPA signing because land title was out dy. Not sure if it can be delayed but at the expense of not having title transferred. |
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