Encik Rifqi, a Malaysian citizen, sold a residential property on 16 April 2019 for RM306,600. He used the money to settle his mortgage loan, including interest of RM4,500 incurred on the loan.

He acquired the property on 17 July 2015 for RM219,000. He incurred a stamp duty of RM3,380 and legal fees of RM1,983 on the acquisition. While holding the property, a fire outbreak damaged the kitchen and he received an insurance compensation of RM8,760. Owing to some issues with the wife, he decided to sell the property and accepted a deposit of RM3,000 from a potential buyer. However, the deal did not go through.

He then engaged an agent who managed to sell the property for RM306,600. The agent charged RM4,380 for valuing the property and RM876 for advertising the property on behalf of Encik Rifqi. The agency fee was RM5,256.

REQUIRED:

(a)Compute the chargeable gain for Encik Rifqi in respect of the disposal of the property.

(b) Compute the chargeable gain for Encik Rifqi if he had given his property to his daughter in 2019.

notes: Malaysian tax law