Property in Malaysia for sale and rent | Buy, Rent and sell real estate and homes

Hi,

Can anyone help me on this? I intend to sell my condo unit, which I have purchased only a year ago. This property was also a sub-sale when I bought it. Will I be taxed if I sold it or exempted? Does the article below mean first timers selling their first house, or the house being sold for the first time? Any assistance is appreciated.

Thank you.



www.iproperty.com.my/news/1133/Budget-20...l-Property-Gains-Tax

Budget 2010 introduces 5 percent Real Property Gains Tax
Effective 1 January 2010
Oct 26, 2009


Prime Minister Datuk Seri Najib Tun Razak announced a Real Property Gains Tax effective from 1 Jan 2010. The real property gains tax is five percent irrespective of the property disposal year.


Previously, the real property gains tax are progressive from zero to 30 percent, depending on the holding period of the property. This tax was put on hold from 1 April 2007.


Exemption to the real property gains tax is given to the sale of a residential property for the first time and transfer of properties among family members.

i'm also interested to know the actual status, since i'm planning to sell one of apartment later this year.

Any property sold within 5years from date of S&P stamped is chargeable RPGT 5%. Your current selling price minus previous purchase price = profit x 5%. I heard usually lawyer will charge u 2% from total selling price upfront and submit to the Government. Any extra shall be refundable eventhough nobody know how long it tooks...zzz

Hey Jason,

Thanks for the info. If this is true, then I wonder what is the \"exemption\" about. For most of the research that I have done, the government allows ONE exemption only. So maybe someone who has gotten this exemption can share with us? It would really really help.

Thanks!

As per my knowledge, any property disposed after 5years are tax-free. Otherwise 5% taxable on profit. The only exemption i knew is that the government give u total 10K discount from the taxable amount. Dont expect much from them. haha

The 5% RPGT is a MYTH.... I bought a new house last year which I didn't find suitable and later sold this year. I was taxed 30% !! RPGT. Check with your lawyers. I'm surprised even today, no one seems to know the real truth regarding RPGT. Hasn't anyone sold any 1 yr old property? My statement fr Income tax is confusing, mimus, times, divide.... I really don't know how they calculate it..