Understanding the Latest Changes to Malaysian Property Stamp Duty: Implications for Family Transfers

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The Malaysian government has announced changes to the country’s economic and tax policies in the Budget 2023. One of the proposals relates to stamp duty treatment for the transfer of property by way of love and affection between family members.

Currently, stamp duty rates for property transfers are based on a tier system. However, there are full or partial exemptions for transfers between spouses, parents, and children.

But what about transfers between siblings, grandparents, or grandchildren? They are subject to the full stamp duty rate.

Under the proposed changes, there will be a full exemption of stamp duty on instruments of property transfer by way of love and affection between parents and children, grandparents and grandchildren up to the first RM1 million of the property’s value.

Let’s take an example. If a grandfather transfers property worth RM1.5 million to his granddaughter, the first RM1 million is exempted from stamp duty under the proposed framework.

The subsequent RM500,000 is subjected to a 4% stamp duty calculation, amounting to RM20,000. Given the remission of 50%, the overall stamp duty payable is only RM10,000 now for the property transfer from the grandfather to his granddaughter.

The proposed changes are aimed at helping Malaysians who receive property from their family members but are worried about paying a lot of stamp duty fees by the current framework.

It’s important to note that there may be other taxes you have to pay when receiving property from family members, like the real property gains tax. Getting legal advice to ensure you’ve considered everything before making any transfers is a good idea.

These proposed changes are set to effect on the First of April, 2023. It’s important to get legal advice before deciding to transfer property within your family until then.

Stay tuned for more updates on Malaysian tax policies, and thank you for watching this AI-created video clip produced by CCS. Reference:

  1. Stamp Duty Treatment for Transfer of Property by Way of Love and Affection
  2. The Finance Bill 2023: Proposed Amendments to Real Property Gains Tax Act in Malaysia
  3. Updated Guideline on Real Property Gains Tax


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