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RPGT, C
O
P
E
R, If contract required approval from H co, :red_cross…
RPGT
DD
Conditional contract
Required approval from Govt / State Govt
Required approval from Govt + fulfiling conditions
- last of such condition is satisfied
Earlier of
- date of trsf ownership
- whole consd recd
-
Scope of charge
- person whether or not R for YA (calendar yr) shall be chargeable with CG on disposal of chargeable asset
-
Real property
- land situated in Msia
- surface of earth
- earth below surface
- land covered by water
- bldg on land + P&M attached to bldg
- standing timbers, trees, crops
- int, option / right over such land
Sch 4 exemption
Indv
-
Disposed part of asset
A = part of area of asset disposed of
B = total area of chargeable asset
C = RM10,000
Tax treatment
- AP apportion
- PE apportion
-
AL
tax relief
- deduct from CG from other disposals in same YA
- excess c/f, set off against CG from disposal of other chargeable assets until fully absorbed
:red_cross:tax relief
- :red_cross:carry backward, set off in earlier YA
- disposal :red_cross:include in return
- disposal of RPC shares
:check:carry backward, set off in same YA
Disposal
In exchange for another
-
:red_cross:MV
- DP = MV of asset disposed
-
DP
CR
(-)EC
(-) DT
(-) IC
EC
- reflected state of asset at time of disposal
- if no longer existence, disregarded
IC
- exclude allowable exp for ITA
- CAPEX, part of PE
AP
CP
(+) IC
(-) RC
RC
- compensation recd
- insurance receipt
- deposit forfeited
RC > acq cost
- CG
- taxable in YA of receipt
- acq = nil
- :red_cross:disposal
- :red_cross:claim sch 4 exemption, even disposer is indv
CP
- acq b4 1/1/2013
- CP ignored
- deemed to be MV as at 1/1/13
- exp / recovery disregarded
- acq b4 1/1/1970
- CP ignored
- deemed to be MV as at 1/1/1970
- exp / recovery disregarded
Private residence exemption
- full exemption if
- indv - citizen / PR
- claimed once in lifetime, :red_cross:claimed b4
- fit for occupation as place of residence
- irrevocable election
-owned by him
Exemption for small chargeable asset
- full exemption, if
- non-share chargeable asset <=RM200,000
- disposed in 6th yr / after
- disposed on / after 1/1/19
-
If contract required approval from H co, :red_cross:conditional contract