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8- Lulu Sdn Bhd (Lulu) acquired two office units fora total of RM560,000. There was no written agreement but the full consideration was paid to the disposer on 24 July 2013 and the ownership was transferred to Lulu on 15 August 2013 Lulu paid stamp duty of RM10,800 and legal fees of RM 12,200 on the acquisition and renovated both office units at a cost of RM48.000. In 2014, Lulu received RM22,000 xcompensation fordamage caused to both office units by aleakage in the piping system from a neighboring unit and also paid quit rent and assessment totaling RM3,000. Lulu was interested in acquiring the neighboring office unit and paid RM40,000 as a deposit but subsequently decided not to pursue the acquisition due todifficulty in obtaining bank borrowings and the deposit was forfeited. Lulu signed a sale and purchase agreement with Zimit on 16 June 2016 for the disposal of one of the office units for a total price of RM320,000, comprising cash of RM9,000 and a property valued at RM311,000. The cash consideration was received by Lulu and the ownership of both assets was transferred (ie the office unit to Zimit and the property to Lulu) on 3 August 2016. Lulu paid its real estate agent commission of 2% of the total consideration Compute the real property gain tax payable by Lulu Sdn Bhd on the disposal of the office unit, clearly identifying the acquisition date and disposal date. (10m) 8- Lulu Sdn Bhd (Lulu) acquired two office units fora total of RM560,000. There was no written agreement but the full consideration was paid to the disposer on 24 July 2013 and the ownership was transferred to Lulu on 15 August 2013 Lulu paid stamp duty of RM10,800 and legal fees of RM 12,200 on the acquisition and renovated both office units at a cost of RM48.000. In 2014, Lulu received RM22,000 xcompensation fordamage caused to both office units by aleakage in the piping system from a neighboring unit and also paid quit rent and assessment totaling RM3,000. Lulu was interested in acquiring the neighboring office unit and paid RM40,000 as a deposit but subsequently decided not to pursue the acquisition due todifficulty in obtaining bank borrowings and the deposit was forfeited. Lulu signed a sale and purchase agreement with Zimit on 16 June 2016 for the disposal of one of the office units for a total price of RM320,000, comprising cash of RM9,000 and a property valued at RM311,000. The cash consideration was received by Lulu and the ownership of both assets was transferred (ie the office unit to Zimit and the property to Lulu) on 3 August 2016. Lulu paid its real estate agent commission of 2% of the total consideration Compute the real property gain tax payable by Lulu Sdn Bhd on the disposal of the office unit, clearly identifying the acquisition date and disposal date. (10m)Step by Step Solution
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