No Stamp Duty Exemption For Property Transfer From Parents To Children, Says Tengku Zafrul

18 Dec 2020

No Stamp Duty Exemption For Property Transfer From Parents To Children, Says Tengku Zafrul

Finance Minister Tengku Datuk Seri Zafrul Tengku Abdul Aziz said the government does not plan on extending the 100% stamp duty exemption offered to transfer of property between husband and wife to transfer of assets from parents to children.

He noted that the government has announced a 50% remission in stamp duty “for transfer of property based on love between parents and children”, reported Bernama.

“This is to encourage property transfer between parents and children to be done when they are still alive to avoid problems in property claims after the death of one of the parties concerned,” he explained during the Ministers Question Time in the Dewan Rakyat.

Find out the latest stamp duty exemptions in property transaction and everything you need to know about the tax here!

He was responding to Datuk Mohd Nizar Zakaria’s (BN-Parit) question on stamp duty for transfer of property from parents to children.

The stamp duty remission was aimed at reducing inheritance claim cases in court, said Tengku Zafrul.

He added that the stamp duty remission only applies to recipients who are Malaysian citizens and was applicable since 1 January.

 

Read our helpful Guides to learn all about the various property buying, selling and renting tips!

POST COMMENT

You may also like these articles

Developers Worried Over Stamp Duty Amendment

  Home builders fear that several of the proposed amendments to the Stamp Act of 1949 would significantly raise the cost of doing business in the property sector due to the huge volume of agre

Continue Reading23 Jan 2017

Homebuyers Advised to Save for Stamp Duty

  When buying a house, the buyer should set aside enough cash to pay the initial expenses, according to Siva Shanker, the immediate past president of Malaysian Institute of Estate Agents (MIEA

Continue Reading7 Jul 2017

No Increase in Stamp Duty for Properties Over RM1 mil

  The government has decided to keep the stamp duty for properties priced above RM1 million at three percent from 1 January 2018. This comes as the government shelved plans to raise the stamp

Continue Reading21 Dec 2017

Stamp Duty Exemption for House Buyers

  As a property seeker, it is important to keep abreast with the latest offerings and waivers that would ease homeownership, mainly first-time homebuyers.Therefore, those aspiring to purchase a prope

Continue Reading29 Jan 2018

Gov’t Provides Details on Stamp Duty Exemptions, New RPGT

 In a bid to boost home ownership, stimulate the soft housing market and tackle the residential overhang, Malaysian citizens buying their first residential property will be fully exempted from pa

Continue Reading31 Dec 2018