The imposition of stamp duty in Malaysia is governed by virtue of the Stamp Act 1949. The chargeability is based on the instrument or document executed by parties involved as specified in the First Schedule of the Act. This is highlighted in section 4 of the Stamp Act 1949 as follows: 4(1) Subject to this Act and subject to the exemptions contained in this Act and in any written law for the time being in force, the several instruments specified in the First Schedule to this Act shall from and after the commencement of this Act, be chargeable with the several duties specified in such Schedule. REQUIRED:

(a) Briefly explain the basis to determine the sale of any property under Item 32(a) of the First Schedule in the Stamp Act 1949.

(b) Briefly explain the date of determining the market value of any property as provided in section 12A of the Stamp Act 1949.