hi all, I have a low cost apartment in Selangor, wish to transfer to my sibling for free, the apartment market value is about 100-110k I assume, I have read through many article both confirm that transfer between sibling are entitle to full stamp duty, I am ok with that. The problem is my sibling and spouse are quite wealthy, probably won't comply with low cost consent rules. But due to my mother need me to do so, I am into a headache now to finding a way to proceed this transfer.
I heard that the possible way is first I transfer the apartment to my mother under love and affection rules, so the stamp duty can be exemption, and the low cost rules seem not apply on transfer between son and parent. So only legal fees we need spend, 2 times legal fees to be exact, I transfer to mother, she then transfer it to her daughter (my sibling). each legal fee might cost 3k, even though I think this is the most stupid act in the world....
The thing is my mother won't let me to sell it so the cash can given to my sibling, this seem the most cost effective way in the moment, she believe this apartment will increase lot more value in the future, so that in the mean time I need to manage this property with full responsibility, need rent it to correct person, make sure they not doing illegal thing in the unit, pay the management fee, do the repair work when necessaries, I even have to pay income tax on the collected rent, while all rental goes to my mother.
But this apartment is intended to transfer to my sibling, I really don't have the effort and intention to keep manage it, I wish to get out from this in few year time, I wish you can teach me what is the best way to doing it. TQ.

Yea, we verbally agreed long ago that this is her belonging. Becos this apartment at the end won’t be mine, I dont want to bear the responsibility to manage it, as you may know how much headache to do it alright…

Hi may I know what the meaning of “complete the period”? I’m pretty sure definitions of low cost properties is the entire period of it lease hold. So it can’t transfer to person who didnt fits the requirement set by state government.

I afraid this is not time lock ... the 5 years restriction only for Real Property Gains Tax (RPGT), so selling after five years don't need to pay this tax, but other restriction still remain, Thanks for your input