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 Will LHDN put me into trouble?

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tinkerbel
post Jul 9 2008, 02:33 PM

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@SKY 1809,
I don't know of a way to default payment to banks. What I'm trying to say is that I'm not too sure if banks will take into account the $ U have in ur FD when processing a home loan because that $ is withdraw-able anytime.

The discussion is not about being unable to withdraw the $ in FD or sell the house but more towards getting a home loan approved with insufficient monthly income to pay monthly installments and using $ in FD to proof that U haf the financial capability to pay.
scorgio
post Jul 9 2008, 02:50 PM

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QUOTE(tinkerbel @ Jul 9 2008, 02:18 PM)
@scorgio,
New car above RM100k is quite common isn't it?
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Depending on ur declared income.

If ur declared income is RM4000 monthly or higher. Then of course no issue.

But if u only declare RM3000, and u bought a Honda Accord or Toyota Camry that kind of car.

Hehe... I won't be surprised if LHDN officials come knocking at ur door.
tinkerbel
post Jul 9 2008, 02:56 PM

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@scorgio,
I haven't done anything wrong so I don't see Y LHDN officials should waste time knocking on my door tongue.gif
scorgio
post Jul 9 2008, 03:04 PM

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QUOTE(SKY 1809 @ Jul 9 2008, 02:28 PM)
If you have a property loan, you too can sell your property , right ?
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Hello... pledging FD = the receipt will be in the bank's custody.

So how can you withdraw the money without a receipt?

As for ur question above, the property title has to be charged to the bank b4 the loan is released.

Which mean, u can't perform transfer b4 the title's being redeemed.

The bank has a panel of lawyers working for them, they are not stupid.

ReWeR
post Jul 9 2008, 03:07 PM

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QUOTE(viruz @ Jul 9 2008, 09:34 AM)
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?
*
5 years working already got 100k ... not bad biggrin.gif. Anyway, your relative is very nice to you ... half of 650k is quite a lot O.o
scorgio
post Jul 9 2008, 03:08 PM

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QUOTE(tinkerbel @ Jul 9 2008, 02:56 PM)
@scorgio,
I haven't done anything wrong so I don't see Y LHDN officials should waste time knocking on my door tongue.gif
*
I knew u can LEGALLY afford something more expensive than that. tongue.gif
tinkerbel
post Jul 9 2008, 03:10 PM

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@scorgio,
If U pledge the FD to the bank then perhaps it's possible but to show the bank U haf $ in the FD I don't think that is workable. Ah well, I'm no banker so I wouldn't know plus I haven't been in such a situation before either *grins*

Most of us CAN afford it; we just don't wish to spend too much $ on something that depreciates too quickly! tongue.gif
SKY 1809
post Jul 9 2008, 06:04 PM

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QUOTE(tinkerbel @ Jul 9 2008, 03:10 PM)
@scorgio,
If U pledge the FD to the bank then perhaps it's possible but to show the bank U haf $ in the FD I don't think that is workable.  Ah well, I'm no banker so I wouldn't know plus I haven't been in such a situation before either *grins*

Most of us CAN afford it; we just don't wish to spend too much $ on something that depreciates too quickly! tongue.gif
*
FDs pledged for loans are workable for many foreign banks, but not too sure with local banks' culture . Also widely used to secure business loans .

Once pledged, you cannot use this FD bcos it is locked up and becomes bank's asset if defaulted.

I think you are cash rich, but lacking the skills to put it into " better use".

This post has been edited by SKY 1809: Jul 9 2008, 06:14 PM
tinkerbel
post Jul 9 2008, 06:16 PM

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@SKY 1809,
I suppose if it's a 'pledge' it should be possible. It perhaps might be a better idea to get a flexi loan and put the $ available in FD to contra off some interest rates on the home loan package *shrugs*
SKY 1809
post Jul 9 2008, 06:22 PM

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QUOTE(tinkerbel @ Jul 9 2008, 06:16 PM)
@SKY 1809,
I suppose if it's a 'pledge' it should be possible.  It perhaps might be a better idea to get a flexi loan and put the $ available in FD to contra off some interest rates on the home loan package *shrugs*
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Hi Tinkerbel,

discussion is related to TS, not yours. You have the problem of "IF I buy cash."

Plse do not compare the poor with the rich. diff story.




tinkerbel
post Jul 9 2008, 06:59 PM

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@SKY 1809,
I am not discussing MY issue - I merely commented on the possibility of getting a home loan through show of FD receipt!
SKY 1809
post Jul 9 2008, 07:14 PM

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QUOTE(tinkerbel @ Jul 9 2008, 06:59 PM)
@SKY 1809,
I am not discussing MY issue - I merely commented on the possibility of getting a home loan through show of FD receipt!
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HIS CASE is not qualifying a 90% loan bcos of low taxable income.

Banks also could consider your "other" incomes, not necessary must be one reported to Income Tax.



This post has been edited by SKY 1809: Jul 9 2008, 07:19 PM
dreamer101
post Jul 9 2008, 07:19 PM

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All,

There is a FUNDAMENTAL question that has not been asked. Is the money given by relative from Thailand taxable?? If it is and when you are queried by LHDN and you said the money is from Thailand, you will be charged with tax evasion.

Dreamer


SKY 1809
post Jul 9 2008, 07:24 PM

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QUOTE(dreamer101 @ Jul 9 2008, 07:19 PM)
All,

There is a FUNDAMENTAL question that has not been asked.  Is the money given by relative from Thailand taxable??  If it is and when you are queried by LHDN and you said the money is from Thailand, you will be charged with tax evasion.

Dreamer
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In theory , no tax.

But, you need to prove the source of money where it comes from. It is not logical for a poor relative to give you so much money. What is her status ?

And you always have the risk of "thorough investigation." of your all assets.

This post has been edited by SKY 1809: Jul 9 2008, 08:27 PM
ed0gawa
post Jul 9 2008, 07:24 PM

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Even without a proper/sufficient payslip/epf/tax you can still get a loan if you have enough money in your banks. Of course the approval chances might not be that high, but it is still one of the method.
bbjslee
post Jul 9 2008, 07:29 PM

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<Just saw your other post she's a foreign citizen>
2. What business or occupation she's in, that makes her so wealthy?
3. Why she chose you instead of other relatives?
4. So you're helping her with tax evasion?

It is not just LHDN you'll be worrying about, banks and other government agencies could be suspicious that you're into money laundering.

This post has been edited by bbjslee: Jul 9 2008, 07:47 PM
scorgio
post Jul 9 2008, 08:22 PM

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QUOTE(tinkerbel @ Jul 9 2008, 06:59 PM)
@SKY 1809,
I am not discussing MY issue - I merely commented on the possibility of getting a home loan through show of FD receipt!
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Tinkerbel, if one person has enough amount of FD or investment combination to qualify as a priority banking member.

Then, the bank can treat the case individually.
tinkerbel
post Jul 9 2008, 08:45 PM

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@scorgio,
OkieSs... now I know biggrin.gif
SKY 1809
post Jul 9 2008, 08:49 PM

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QUOTE(scorgio @ Jul 9 2008, 08:22 PM)
Tinkerbel, if one person has enough amount of FD or investment combination to qualify as a priority banking member.

Then, the bank can treat the case individually.
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It is way income tax dept gets to know.

No incomes to declare, but declaring a lot of assets. Falls from heaven.

scorgio
post Jul 9 2008, 09:23 PM

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QUOTE(SKY 1809 @ Jul 9 2008, 08:49 PM)
It is way income tax dept gets to know.

No incomes to declare, but declaring a lot of assets. Falls from heaven.
*
The golden answer, "I bought the assets cheap mah". blush.gif

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