Asked by Anonymous
I have inherited a landed property 2 years ago. All Probate has been processed. Thinking of selling it but not sure if the TAX RPGT 30% rate applies despite the fact that I did not buy it. Have no intention to rent out or maintain any longer due to the far distant from my own current home. Have done maintanence, painting job and am sourcing out for buyers after checking wt banks on the value of the property ..urgent sale .
Does RGPT tax applies on me based on such situation ?
for example :
House bought back in 1980 by parent say 50K. Upon inheritance 2yrs back, it was valued around 400K. Now it's valued at 449K. if I were to sell it off forjust 400K today after 2 years of officially owning it and had done some renovations/maintanence with late parents over the past years worth 90K , how do we go about predicting the right amount of taxes charged under RGPT section ?
is there another way to skip the RGPT malaysian as i heard a bit of a first time no-tax on first property sale ?
Does RGPT tax applies on me based on such situation ?
for example :
House bought back in 1980 by parent say 50K. Upon inheritance 2yrs back, it was valued around 400K. Now it's valued at 449K. if I were to sell it off forjust 400K today after 2 years of officially owning it and had done some renovations/maintanence with late parents over the past years worth 90K , how do we go about predicting the right amount of taxes charged under RGPT section ?
is there another way to skip the RGPT malaysian as i heard a bit of a first time no-tax on first property sale ?
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