If you cannot use the once-in-a-lifetime exemption
Posted: Sat Dec 28, 2024 6:33 am
In this case, your profit is RM100,000 (RM250k – RM150k), and the tax payable is around RM30,000 (30% x RM100,000). Note: This is a rough estimate. There is a more accurate method to calculate property tax where you can deduct certain expenses/exceptions as specified in the act. Please consult your tax consultant. RPGT can be high, but you can use some strategies to get exemptions or reduce the amount.
Make a once-in-a-lifetime exemption. The government allows you to cayman islands whatsapp number database make a total RPGT exemption for residential properties. However, you can only use this exemption once. After signing the sale and purchase agreement, inform your lawyer to apply for the exemption. If you have multiple properties, use this exemption for the property where you’ll save the most tax. Claim deductions for property purchase and sale expenses.
An alternative way is to reduce the amount of tax. You can reduce tax by claiming deductions for certain government-approved expenses. These costs include legal fees, agency fees, management fees, repair costs, renovations, and others. real estate agent You must include supporting documents and inform your lawyer to make deductions in the tax calculation. Step 3 How to Calculate the Profit from Selling a House When selling a house, estimate how much profit / net sales proceeds you will receive to ensure you meet your plans after selling.
Make a once-in-a-lifetime exemption. The government allows you to cayman islands whatsapp number database make a total RPGT exemption for residential properties. However, you can only use this exemption once. After signing the sale and purchase agreement, inform your lawyer to apply for the exemption. If you have multiple properties, use this exemption for the property where you’ll save the most tax. Claim deductions for property purchase and sale expenses.
An alternative way is to reduce the amount of tax. You can reduce tax by claiming deductions for certain government-approved expenses. These costs include legal fees, agency fees, management fees, repair costs, renovations, and others. real estate agent You must include supporting documents and inform your lawyer to make deductions in the tax calculation. Step 3 How to Calculate the Profit from Selling a House When selling a house, estimate how much profit / net sales proceeds you will receive to ensure you meet your plans after selling.