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 Will LHDN put me into trouble?

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TSviruz
post Feb 10 2008, 11:59 AM, updated 16y ago

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Hi:

I am initially looking to buy a house with budget around RM300k with 90% loan from bank I am just nice to qualified.

Now my Relative from Thailand, wanted to sponsor me about 50% of the cost, but she wanted me to buy a bungalow instead of normal linked or semi-D, and the bungalow in my area are selling at RM500k and above...ok...even at RM600k, with his 50% sponsor I am still able to secure for a loan...now the problem is...when LHDN come and audit my purchase, will I be in deep trouble because technically speaking with my earning I am not qualified to purchase the house.
-GILA-
post Feb 10 2008, 12:08 PM

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I think you wont get into trouble because to them this is small matter compare to company fraud and such. And also you can prove that 50% money is from your relative right?
Notoriez
post Feb 10 2008, 12:16 PM

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QUOTE(viruz @ Feb 10 2008, 11:59 AM)
Hi:

I am initially looking to buy a house with budget around RM300k with 90% loan from bank I am just nice to qualified.

Now my Relative from Thailand, wanted to sponsor me about 50% of the cost, but she wanted me to buy a bungalow instead of normal linked or semi-D, and the bungalow in my area are selling at RM500k and above...ok...even at RM600k, with his 50% sponsor I am still able to secure for a loan...now the problem is...when LHDN come and audit my purchase, will I be in deep trouble because technically speaking with my earning I am not qualified to purchase the house.
*
Try to declare in LHDN that the money comes from your relative wink.gif perhaps can..correct me if i am wrong..
temptation1314
post Feb 10 2008, 12:24 PM

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As long as you can prove the relationships between you and your relative, then it's out of question for LDHN to trouble you.

So should LDHN looks for primary students where they got the money from? wink.gif
jtcs87
post Feb 10 2008, 12:59 PM

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As i know. If you do the installment to the bank. LHDN will lazy to check on you already. Except cash in one shot..... whistling.gif
scorgio
post Feb 10 2008, 06:36 PM

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Photostat the banker cheque or bank debit slip of the transfer & other relevant documentation.

Keep it as record.

When LHDN query, show them to prove where your money's from.
tinkerbel
post Feb 11 2008, 12:37 AM

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As long as u didn't steal the $ u shouldn't be worried even if ur questioned by the authorities for it was given to you smile.gif
TSviruz
post Jul 9 2008, 09:34 AM

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OK,thing has been changed.

Now instead of putting 50% downpayment, I am paying 100k as downpayment for a RM650k house...I can secure a loan from bank with installment of RM5k per month.
However, I definitely can't afford RM5k per month without sponsor from relative but I definitely can prove that I can afford 100k downpayment due to many 5 years working.

I've heard that if I get 80% to 90% of loan from bank, I will be safe from LHDN audit is this true?
tictactoe
post Jul 9 2008, 09:58 AM

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if u can't afford rm 5K per month, at the first place, why u wanna take loan that need u to pay that amount monthly?

just asking... btw, the choice is yours...

tq.
TSviruz
post Jul 9 2008, 10:03 AM

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QUOTE(tictactoe @ Jul 9 2008, 09:58 AM)
if u can't afford rm 5K per month, at the first place, why u wanna take loan that need u to pay that amount monthly?

just asking... btw, the choice is yours...

tq.
*
The story is like this, my aunty (foreign citizen) wanted to buy a property and put my name as the owner, she has a business where she wanted to invest in property here so she could escape some tax in her country.

The monthly installment will be paid by her.
bafukie
post Jul 9 2008, 10:06 AM

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no worries at all if u keep all ur receipt
yewkhuay
post Jul 9 2008, 10:12 AM

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keep the proof of source of money u got to support ur purchase.
scorgio
post Jul 9 2008, 10:28 AM

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The question is this.

Would the bank approve your loan, when your income on paper can't sustain a RM5k monthly instalment.
TSviruz
post Jul 9 2008, 10:31 AM

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QUOTE(scorgio @ Jul 9 2008, 10:28 AM)
The question is this.

Would the bank approve your loan, when your income on paper can't sustain a RM5k monthly instalment.
*
They will, I can provide them with FD statement as supportive document.
tinkerbel
post Jul 9 2008, 10:33 AM

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@virus,
Is an FD statement good enough as supportive document to bank for housing loan? I could put in RM1m today just to show it to the bank and then take it out immediately after the loan is approved.
TSviruz
post Jul 9 2008, 10:41 AM

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I have joint account with my father, several hundred thousands...already been there for about a year. I am also given privelege status on the bank, so I guess this is enough to secure me a loan.

My main concern is how to avoid audit from LHDN? I heard that if I loan 90% then LHDN will not bother to check, how true is that?
SKY 1809
post Jul 9 2008, 10:44 AM

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QUOTE(tinkerbel @ Jul 9 2008, 10:33 AM)
@virus,
Is an FD statement good enough as supportive document to bank for housing loan?  I could put in RM1m today just to show it to the bank and then take it out immediately after the loan is approved.
*
It could be pledged to the bank. Think out of the box .
scorgio
post Jul 9 2008, 10:53 AM

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QUOTE(viruz @ Jul 9 2008, 10:41 AM)
I have joint account with my father, several hundred thousands...already been there for about a year. I am also given privelege status on the bank, so I guess this is enough to secure me a loan.

My main concern is how to avoid audit from LHDN? I heard that if I loan 90% then LHDN will not bother to check, how true is that?
*
Aiya, u got several hundred thousands in FD, u got RM100k+ in savings.

Why worry about LHDN? Like I mentioned b4, when they query, just show them how you got the money from.

Well of course, if you're evading tens of thousands income tax per year!! U should be worried.

Anyway, 2 things which usually attract LHDN's attention. Buying new house (NEW not 2nd hand) and new car (over the range of RM100k).
tinkerbel
post Jul 9 2008, 02:18 PM

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@SKY 1809,
Yes U can pledge the FD to the bank but that doesn't mean U won't withdraw the $ from the bank upon approval of the home loan.

@viruz,
scorgio is right - if U haven't evaded taxes U shouldn't get into problem with LHDN. As to how U got the $? Well, tell them it was a love gift *grins*

Thankfully, I haven't yet been questioned by LHDN but like I said, if U haven't done anything wrong there's nothing to worry about.

@scorgio,
New car above RM100k is quite common isn't it?

This post has been edited by tinkerbel: Jul 9 2008, 02:19 PM
SKY 1809
post Jul 9 2008, 02:28 PM

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QUOTE(tinkerbel @ Jul 9 2008, 02:18 PM)
@SKY 1809,
Yes U can pledge the FD to the bank but that doesn't mean U won't withdraw the $ from the bank upon approval of the home loan.

@viruz,
scorgio is right - if U haven't evaded taxes U shouldn't get into problem with LHDN.  As to how U got the $?  Well, tell them it was a love gift *grins*

Thankfully, I haven't yet been questioned by LHDN but like I said, if U haven't done anything wrong there's nothing to worry about.

@scorgio,
New car above RM100k is quite common isn't it?
*
If you have a property loan, you too can sell your property , right ?

But you still need to pay back the loan.

Can you suggest a way to walk away with all the money, and not paying back to bank ?

I am interested to learn from you.

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