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PRIVATE RESIDENCE EXEMPTIONS, NO GAIN NO LOSS TRANSACTIONS - Coggle Diagram
PRIVATE RESIDENCE EXEMPTIONS
condition
an election in writing has been made and irrevocable
not claim any exemption before
building occupied or certified fit for occupation as place of residence
property owned by citizen/PR individual
once in a lifetime
Full exemption
consideration for disposal does not exceed RM200k
available for vacant land
disposal made in the 6th year or after
NO GAIN NO LOSS TRANSACTIONS
Para 3(b)
when a person transfer an asset to his spouse with consideration + both are citizen
RPGT treatment
transferor
NGNL
no RPGT payable
transferee's AP
Transferor's AP + transferor's PE
Para12
between husband and wife, parent to child, grandparent to grandchild
transferor is Msian citizen
asset transferred by way of gift
done without consideration
transferor not citizen
DP disposer=MV
Transferee's AP = Mv time of transfer
transferor citizen
AP recipient
Transferor's AP + transferor's PE
Transferee's acq date : date transferor transfers asset
DP disposer = AP disposer = NGNL
Para 9
Transferee
Transferee's AP=MV at time of transfer
(same value of disposer's)
Transferor
transferor dispose an asset by way of gift/transfer below MV to connected person
DP=MV
Para 3(a)
Devolution of asset upon death
Deceased
beneficiary disposed to RP
tax on beneficiary
A/P : M/V at date of transfer
A/D : date of transfer ownership
executor/trustee disposed to 3rd party
taxable on beneficiary
A/P : M/V at date of death
A/D : date of death
deceased not citizen & non PR
disposal within 5y after date acq - 30%
disposal in 6th year after date of acq - 10%
Legatee receives RP in lieu of cash and disposed to RP
Tax on legatee
A/P : lower of
M/V at date of transfer
legacy money
A/D : date of transfer ownership
Para 3(b)
Indivi citizen transfer chargeable asset to co controlled by him/connected person
Para 3(b)(ii) Sch 2
Chargeable asset
transferred to co control by indiv, wife/ indivi jointly with his wife/connected person (all citizens)
considerations substantially in shares
(75% in form of shares, 25% in cash)
owned by indiv, wife or jointly/ connected person who are citizen
tax implication on transferor
asset transferred to controlled co
DP=AP
NGNL
share consideration disposed
chargeable asset and subject to RPGt
tax implication on transferee
transferee subject to tax, actual acq ignored
A/P=Acq price+PE
A/D : date of transfer
Para 3(f)
Disposal of chargeable asset as a result of compulsory acq under any law