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 Inherit now or will?

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Cisne
post Nov 28 2024, 10:34 AM

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Transfer now for less trouble.

"Selain itu, Kerajaan juga telah bersetuju supaya duti setem ke atas surat cara pindah milik harta tanah secara kasih sayang melibatkan ibu bapa dan anak, datuk nenek dan cucu dikecualikan sepenuhnya terhad kepada RM1,000,000 pertama nilai harta tanah.

Baki selebihnya daripada nilai harta tanah tersebut tertakluk kepada kadar duti ad valorem dan diberi remisi sebanyak 50% ke atas duti setem yang dikenakan. Layanan duti setem ini terpakai bagi surat cara pindah milik harta tanah yang disempurnakan mulai 1 April 2023."


The stamp duty should be exempted for the 1st property worth less than 1M. In your case, maybe transfer to 2 separate sibling names. Within the 2 siblings, you distribute among your siblings - this one, you have to sort it out between the 3 of you. If not mistaken, any disposal of property within the 1st 5 years will still be subjected to RPGT even thought it is the inheritance asset.
Cisne
post Nov 29 2024, 01:59 PM

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QUOTE(imtrobin @ Nov 29 2024, 12:17 PM)
No assholes disputes. Just that siblings are not holding malaysia passport anymore, so it's troublesome, and I already have 1 property under my name (and got IRAS kopi). I didn't realize there is a 5 year cooling period for sell
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If other are no longer holding Malaysia passport, then very likely you need to put under your name. The 5 years cooling off doesn't mean you cannot dispose. You still can dispose it, it is just that any capital gain (different) will be taxed heavily.
Cisne
post Nov 30 2024, 06:52 AM

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QUOTE(imtrobin @ Nov 29 2024, 06:31 PM)
So it's best to sell while under mum's name to avoid capital gain tax
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Yes, this option is possible provided the parent is willing.
Cisne
post Dec 1 2024, 05:48 AM

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QUOTE(imtrobin @ Nov 30 2024, 10:53 PM)
Is RPGT 5 years for multiple properties or just first residence?

We don't have any objections, just finding the best way to avoid unnecessary taxes/fees.
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It applies for multiple properties. If you hold the ownership > 5 years ( on the 6th year), any gain in value will not be subjected to RGPT.

There is also once in your lifetime as citizen, you can get 1 waiver for the RGPT for one of the property you sold. It can only be used once as a citizen.



 

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