Pursuant to the Real Property Gains Tax (Exemption) Order 2020 issued on 28-7-2020, with effect from 1-6-2020 until 31-12-2021, the disposal of not more than 3 residential properties by a Malaysian citizen will be exempted from paying Real Property Gains Tax subject to the followings:
- the property to be disposed of is not acquired by way of transfer between spouses, or gift between spouses, parent and child or grandparent and grandchild within the period from 1-6-2020 and 31-12-2021;
- the sale and purchase agreement is executed on or after 1-6-2020 but not later than 31-12-2021 and stamped not later than 31-1-2022; and
- if the properties disposed of is more than 3 units, the disposer may elect 3 units out of the properties disposed of;
- for conditional contract which requires the approval by Federal Government or State Government, the contract shall be executed on or after 1-6-2020 but not later than 31-2021 and stamped not later than 31-1-2022. The relevant approvals shall be obtained on or after 1-6-2020.
Click here to download the ➾ “PU(A)218 Real Property Gains Tax (Exemption) Order 2020“