Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Question 1 Ms Anita, ( non - Malaysian citizen ) an oil and gas engineering executive, bought a bungalow in Cyberjaya from Mr . Kassim,
Question
Ms Anita, nonMalaysian citizen an oil and gas engineering executive, bought a bungalow in Cyberjaya from Mr Kassim, for a consideration of RM The Sales and Purchase Agreement was signed on December The bungalow was effectively transferred to her on March when the loan from the bank to finance the purchase was released to Mr Kassim.
Ms Anita incurred the following expenses to acquire the bungalow:
tableExpendituretableAmountRMStamp duty,Legal fees for obtaining a bank loan,Legal fees to transfer the bungalow,Agency fees to secure the acquisition,Total
In May she spent RM renovating the bungalow. In September the bungalow was flooded causing severe damage. A civil suit was filed against the developer whose nearby project was identified as the cause of the flood. The developer however settled the matter out of court by making a cash payment of RM to Ms Anita. An insurance company paid Ms Anita RM for the flood damages under a contract of insurance.
Owing to the fear of another flood, Ms Anita decided to dispose of the property. She engaged an agent for this purpose. A prospective buyer, Mr Tan agreed to buy the bungalow for RM He paid a deposit of RM and proceeded to arrange for a loan with a bank. He was however not successful in his loan application and called off the deal.
Then, Ms Anita sold the bungalow for RM to Ahmad. Ms Anita's cost related to the sale was as follows:
tableExpendituretableAmountRMAgency fees,Valuation fee,Legal fee for transfer of property,
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started