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1st House Purchase. Am I entitled for Tax Exemption?

 
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Andee_Xander



Joined: 31 Oct 2007
Posts: 19
Location: Malaysia

PostPosted: Mon Apr 21, 2008 3:22 am    Post subject: 1st House Purchase. Am I entitled for Tax Exemption? Reply with quote

Am I entitled for Tax Exemption for my 1st House Purchase last year (December, 2007)? The price is RM230,000.

I've been using e-filing since last year. This year (2008) is gonna be my second time.

Since the due date is just around the corner, hope, someone can shed some light.

I'm also open if anyone would like to be my tax consultant this year.

FYI, my yearly income for 2007 was RM108,000 (based from EA Form 2007).

Urgent. TQ Smile

Andee Dzulkarnaen
019-366 3031
Cheras, KL.
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Bindersingh



Joined: 17 Jan 2007
Posts: 8

PostPosted: Mon May 04, 2009 6:17 pm    Post subject: Re: 1st House Purchase. Am I entitled for Tax Exemption? Reply with quote

Andee_Xander wrote:
Am I entitled for Tax Exemption for my 1st House Purchase last year (December, 2007)? The price is RM230,000.

I've been using e-filing since last year. This year (2008) is gonna be my second time.

Since the due date is just around the corner, hope, someone can shed some light.

I'm also open if anyone would like to be my tax consultant this year.

FYI, my yearly income for 2007 was RM108,000 (based from EA Form 2007).

Urgent. TQ Smile

Andee Dzulkarnaen
019-366 3031
Cheras, KL.


Hello Andee,

The proposal in the latest budget impacting FYA 2008 (onwards) stipulates that a buyer who signs the SnP between 30 Aug 2008 and 31 Dec 2010 may be granted a 50% reduction in the stamp duty payable to the Govt if the property price is below $250k.

This "tax" related reduction will not show in your e-filing, but will be seen as a reduction in your lawyer's fees paid. Since your purchase is outside this window i am afraid you may not qualify for the stamp duty reduction.

Nevertheless, lets prepare you for FYA 2009.

Hope my guidance is accurate and sufficient for your perusal.

respectfully,
Bindersingh
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