Tuesday, January 21, 2014

What is RPGT?

An Act enacted by the Duli Yang Maha Mulia Seri Paduka Baginda Yang di-Pertuan Agong as the Real Property Gain Tax Act 1976. Interpreted chargeable asset as real property gain tax, shall be charged in accordance to this Real Property Gain Tax Act 1976 in respect of chargeable gain accruing on the disposal of any real property. Subject to this Act, the chargeable gain from disposal of real property shall be charged according to the category Tax Rates in Ringgit Malaysia.

Allowable Loss

Allowable loss means a loss made after the disposal. Tax relief shall be allowed in respect of the following accrued:
  1. If the disposal price is less than the acquisition price.
  2. If the disposal price is equal to the acquisition price
RPGT Exemption

The following disposal of real property which fall under Real Property Tax Act (Exemption) Order 2009:

* The level of exemption is increased from RM5,000 to RM10,000 or 10% of the chargeable gains, which ever is the higher

* Gifts between parent and child, husband and wife, grandparent and grandchild; and

* Disposal of a residential property once in a lifetime.

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