Question
A. Sara, a resident in Malaysia bought a semi-detached house in Darul Aman Hills, Jitra on 1 March 2017. In December 2018, her property was
A. Sara, a resident in Malaysia bought a semi-detached house in Darul Aman Hills, Jitra on 1 March 2017. In December 2018, her property was damaged due to landslide as her house was near the hill. As a result, she received insurance compensation amounting RM50,000. In the year 2020, she was transferred to Langkawi and decided to sell the house. She appointed a property agent and managed to sell the house on 31 May 2020. The relevant data of the house are as follows: Acquisition RM Disposal RM Purchase price 300,000 Sale price 500,000 Legal fees 5,000 Advertisement 2,700 Stamp duty 3,200 Deposit forfeited 4,600 Valuation fees 6,000 REQUIRED: (a) Compute the Real Property Gain Tax payable by Sara under the Real Property Gain Tax Act 1976 (amended) on the disposal of the house. (12 Marks) (b) Compute the Real Property Gain Tax payable by Sara if she disposed her house on 7 December 2020 under the Real Property Gain Tax Act 1976 (amended). (2 Marks) B. To ensure that Islamic transactions are not subject to adverse stamp duty implications, various stamp duty exemption orders have been issued over the year. Briefly discuss THREE (3) stamp duty exemption orders with regards to Islamic Based Transaction. (6 Marks)
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