Kajala, a Malaysian resident, disposed of her properties as follows: In 2013 she sold a shop house for RM320,000 which she had bought for RM360,000. The shop house was sold within two years after the date of acquisition In 2016 she sold a bungalow lot for RM490,000 and incurred agent’s fees of RM6,800 on the disposal. She had bought the bungalow lot for RM480,000. The bungalow lot was sold in the fifth year after the date of acquisition. On 13 May 2017, she sold a townhouse for RM280,000. She had bought the townhouse for RM185,000 on 6 April 2014. RPGT rate are as follows: Disposal RPGT rates Companies Individuals Within 3 years 30% 30% In the 4th year 20% 20% In the 5th year 15% 15% In the 6th and subsequent year 10% 5% Required: Compute the real property gains tax payable in respect of each of the above disposals. Dear Tutor, please help me solve this question
Kajala, a Malaysian resident, disposed of her properties as follows: In 2013 she sold a shop house for RM320,000 which she had bought for RM360,000. The shop house was sold within two years after the date of acquisition In 2016 she sold a bungalow lot for RM490,000 and incurred agent’s fees of RM6,800 on the disposal. She had bought the bungalow lot for RM480,000. The bungalow lot was sold in the fifth year after the date of acquisition. On 13 May 2017, she sold a townhouse for RM280,000. She had bought the townhouse for RM185,000 on 6 April 2014. RPGT rate are as follows: Disposal RPGT rates Companies Individuals Within 3 years 30% 30% In the 4th year 20% 20% In the 5th year 15% 15% In the 6th and subsequent year 10% 5% Required: Compute the real property gains tax payable in respect of each of the above disposals. Dear Tutor, please help me solve this question
Chapter12: Nonrecognition Transactions
Section: Chapter Questions
Problem 39P
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Question
100%
Kajala, a Malaysian resident, disposed of her properties as follows:
- In 2013 she sold a shop house for RM320,000 which she had bought
for RM360,000. The shop house was sold within two years after the date of
acquisition
- In 2016 she sold a bungalow lot for RM490,000 and incurred agent’s fees of
RM6,800 on the disposal. She had bought the bungalow lot for
RM480,000. The bungalow lot was sold in the fifth year after the date of
acquisition.
- On 13 May 2017, she sold a townhouse for RM280,000. She had bought
the townhouse for RM185,000 on 6 April 2014.
RPGT rate are as follows:
|
Disposal |
RPGT rates |
|
|
|
|
Companies |
Individuals |
|
|
Within 3 years |
30% |
30% |
|
|
In the 4th year |
20% |
20% |
|
|
In the 5th year |
15% |
15%
|
|
|
In the 6th and subsequent year |
10% |
5% |
|
Required:
Compute the real property gains tax payable in respect of each of the above disposals.
Dear Tutor, please help me solve this question
Transcribed Image Text:Kajala, a Malaysian resident, disposed of her properties as follows:
• In 2013 she sold a shop house for RM320,000 which she had bought
for RM360,000. The shop house was sold within two years after the date of
acquisition
In 2016 she sold a bungalow lot for RM490,000 and incurred agent's fees of
RM6,800 on the disposal. She had bought the bungalow lot for
RM480,000. The bungalow lot was sold in the fifth year after the date of
acquisition.
• On 13 May 2017, she sold a townhouse for RM280,000. She had bought
the townhouse for RM185,000 on 6 April 2014.
RPGT rate are as follows:
Disposal
RPGT rates
Companies Individuals
Within 3 years
30%
30%
In the 4th year
In the 5th year
20%
20%
15%
15%
In the 6th and
10%
5%
subsequent year
Required:
Compute the real property gains tax payable in respect of each of the above disposals.
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Step 1: Computation of real property gain tax on shop house
VIEWStep 2: Computation of real property gain tax on bungalow
VIEWStep 3: Computation of real property gain tax on townhouse
VIEWStep 4: Computation of total real property gain tax
VIEWStep 5: Computation of total real property gain tax payable (exemption on townhouse)
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