I have gone through 2010 Budget commentary and tax information. I would like to share with you by taking few examples the likely tax implications of RPGT re-imposed, which I think it is helpful to understand.
Example 1
Disposal of property which was purchased prior to exemption period of 1 April 2007 to 31 December 2009.
AA Sdn Bhd bought an apartment on 24 Feb 2007 (prior to exemption period) for RM 240,000 and sold the apartment on 4 February 2010 for RM 300,000.
RM
Disposal price 300,000
Less : Acquisition price (240,000)
Chargeable gain 60,000
RPGT payable @ 5% 3,000
Example 2
Disposal of property which was purchased during the exemption period.
Ah Keng bought a bungalow on 1 April 2008 (during the exemption period) for RM 1,200,000 and sold the bungalow on 9 September 2011 for RM 2,500,000.
RM
Disposal price 2,500,000
Less : Acquisition price (1,200,000)
Chargeable gain 1,300,000
Less : Schedule 4 exemption
10% x RM1,300,000 or RM 10,000
(whichever is greater) (130,000)
1,170,000
RPGT payable @ 5 % 58,500
Example 3
Utilisation of tax relief from disposals made prior to 1 April 2007 against tax assessed on property sold after 31 December 2009.
John has 2 shop houses bought on 1 Jan 2000, one of which was sold on 13 September 2006 and the other was sold on 18 Jan 2010.
(a) Sale of Shop house A on 13.9.2006
RM
Disposal price 300,000
Less: Acquisition price (500,000)
Allowable loss (200,000)
RPGT loss relief @ 5% 10,000
(b) Sale of Shop house B on 18.1.2010
Disposal price 800,000
Less : Acquisition price (200,000)
Chargeable gain 600,000
RPGT payable @ 5% 30,000
Less: RPGT loss relief brought forward(10,000)
Net RPGT payable 20,000
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