Asked by Anonymous
Hello Guru,
Appreciate for your advice regarding the below scenario:
3 siblings bought a condo around 2014, the property was named with 3 names whereas housing loan was jointly named with 2 siblings.
Now the elder brother would like to buy the house by refinancing the loan with his girlfriend (going to marry around Dec'19). The target price is probably 20% discount from the market price (for example RM380K). Currently the existing loan still remained approximately RM300K (this loan had been refinanced once for renovation purpose).
In order to perform the above transaction, what is the best solution to transfer to house and housing loan to the brother?
I read from article that property transfer among siblings are not exempted from stamp duty (i.e. transfer property without money consideration by way of love and affection is not applied among siblings).
Except the stamp duty applied, is there any other area we need to take note? Is RPGT applied for such transaction?
I just bought another house with the other sibling last year, bought a car under my own name as well. Is there any implication to me for doing the above transaction at this juncture? (i.e. trigger tax audit?)
Looking forward to hear from you very soon. Thank you.
Appreciate for your advice regarding the below scenario:
3 siblings bought a condo around 2014, the property was named with 3 names whereas housing loan was jointly named with 2 siblings.
Now the elder brother would like to buy the house by refinancing the loan with his girlfriend (going to marry around Dec'19). The target price is probably 20% discount from the market price (for example RM380K). Currently the existing loan still remained approximately RM300K (this loan had been refinanced once for renovation purpose).
In order to perform the above transaction, what is the best solution to transfer to house and housing loan to the brother?
I read from article that property transfer among siblings are not exempted from stamp duty (i.e. transfer property without money consideration by way of love and affection is not applied among siblings).
Except the stamp duty applied, is there any other area we need to take note? Is RPGT applied for such transaction?
I just bought another house with the other sibling last year, bought a car under my own name as well. Is there any implication to me for doing the above transaction at this juncture? (i.e. trigger tax audit?)
Looking forward to hear from you very soon. Thank you.
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