Income Tax Services in Kuala Lumpur, Malaysia
Gunalan & Associates, Chartered Accountants
Tax Planning, Accounting Services in Kuala Lumpur, auditors in kuala lumpur,
RPGT in Malaysia - An Insight on Gift Tax and Inheritance Tax in Malaysia
By Gunalan Appalasamy
Chartered Accountants, Malaysia
[email protected] or [email protected]
1. There is no wealth tax, inheritance tax or gift tax in Malaysia. Also there is no estate duties in Malaysia.
2. With effect from 1 January 2010, RPGT of 5% flat is applicable on gains on disposal of;
i. Real Properties
ii. Disposal of shares in real property company
for the properties disposed within 5 years from date of purchase.
3. No RPGT levied if the property has been held for more than 5 years prior to the disposal.
However below are the "Tax Exemptions" available in Malaysia even if the property is disposed within 5 years;
i. Disposal of a residential property once in a life time by an individual.
ii. Transfers as a gift between;
A. Parent and Child
B. Husband and Wife
C. Grandparent and Grandchild
iii. An exemption of RM10,000 or 10% of the Capital Gain, whichever is greater, for each disposal of a property by an individual. Chargeable gain is generally calculated by deducting Sales Proceeds from Purchase Cost of the property.
Any statements concerning taxation are based upon my understanding of current taxation laws and practices in Malaysia which are subject to change. While every effort has been made to offer information that is current, correct and clearly expressed, I, Gunalan Appalasamy, is not responsible for the results of actions taken on the basis of information contained in this summary, nor for any errors or omissions. Readers are encouraged to seek professional advice concerning specific matters before making any decision.
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