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I am a foreigner who inherited a property in Ipoh valued at $620K. I have a interested buyer who is willing to wait till the 6th year where I have to pay a 10% tax. My question is if this is a direct deal with buyer can I sell the house at any price much lower like $520K or $480K in order to reduce the 10% tax part? Are there any hidden costs I should be aware of?
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2 Answers

<en>Morgan</en> <en>Koh</en>
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Hi,
Actually the tax you mentioned is RPGT(Real Property Gain Tax).
FYI, If you sold a property with no benefit, that will be no tax charged toward vendor(seller).
it's No gain no tax basis.

Example: Purchase price as RM620,000.00
after 3 years, you sold at RM620,000.00. In this scenario, there is no tax at all.

another example: if purchase price as RM620,000.00. after 5 years you sold at RM650,000.00. You will need to pay 10% of RPGT base on the different sum, mean RM30,000 x 10% = RM3,000 ONLY.

hope above info help you.
Best Regards,
Morgan Koh (REN06063)
Mobile: 016-6968923  Maklumat lanjut
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  • WT
    Replied
    Hi Morgan,

    Thanks for the prompt reply. As I have mentioned, the property was transferred to me after my father passed on in 2019. Since I do not know the purchase price how do I calculate the RPGT?

    Thanks.
Kim Chia
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