Jun 29 2024, 09:57 AM
QUOTE(gedebe @ Jun 19 2024, 03:26 PM)
my mother in law intend to transfer the name of a low cost apartment to my wife which will be my wife 2nd property, her mother claim that she is old and do not want the hassle of transferring the name when anything happen. However, she wish that the property to be distributed fairly among her 5 children.
is there any consequent of this action, like tax, entitlement to subsidy etc?
Tax - After the completion of transfer - within the next 5 years, if your wife decided to liquidate / sell the unit. If the selling price is > than the valuation during the transfer time, she will be subjected to RGPT % accordingly. If sell after 6th year, should not have any RGPT. is there any consequent of this action, like tax, entitlement to subsidy etc?
Subsidy - no. Rumah WIP or Selangorku only applicable for the 1st house ownership. For the bank loan, as long as it is the 2nd property you need the financing, you should be able to get up to 90% margin of financing. The fully paid unit are not considered.
Managing the unit will be time consuming - collecting rental, pay maintenance, pay assessment tax , PTG, repair etc.
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