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REAL PROPERTY GAINS TAX FOR 2014

REAL PROPERTY GAINS TAX FOR 2014
TAX RATES
 
Malaysian 
Non-Malaysian
Disposed within 3 years
30%
30%
Disposed in 4th year
20%
30%
Disposed in 5th year
15%
30%
Disposed after 5 years
0%
5%

Non Malaysians are not allowed to purchase Malaysian properties below RM1M

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STAMP DUTY PAYABLE

A purchaser of a property has to pay stamp duty to the Malaysian Government when he buys a property.

How to calculate the stamp duty payable?

- For the first RM100,000, the stamp duty payable is 1%
- For the next RM400,000, the stamp duty payable is 2%
- For any sum exceeding RM500,000, the stamp duty payable is 3%.

For instance, if your purchase price is RM1,000,000. The calculation is as follows:

Total stamp duty payable:

(RM100,000 X 1%) + (RM 400,000 + 2%) + (500,000 X 3%) = RM24,000.

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Stamp Duty Payable when Renting a Property


Stamp Duty Computation (for a 2 years tenancy)

monthly rent x 12 - 2400
--------------------------------------------- x 2 years
250

or example, if the monthly rental is RM8,000,


Stamp duty payable is as follows:

RM 8,000 x 12 - 2400
--------------------------------------------------------- x 2 years =748.80
250

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Legal Fees Payable in Buying a Property

The legal fees payable to a lawyer acting for you when you buy a property is calculated based on the purchase price as follows:


- For the first RM150,000, the legal fees payable is 1%

- For the next RM850,000, the legal fees payable is 0.7%

- For the next RM2,000,000, the legal fees payable is 0.6%

- For the next RM2,000,000, the legal fees payable is 0.5%

- For the next RM2,500,000, the legal fees payable is 0.4%

- For the remaining, if any, negotiable

For instance, if the purchase price is RM1,000,000. The calculation is as follows:

Total legal fees payable:

(RM150,000 X 1%) + (RM850,000 X 0.7%) = RM 7,450.00

No discount rule

According to solicitors’ Remuneration Order, lawyers are strictly not allowed to give discount in conveyancing matters.

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