Frankie acquired a corner double storey terrace house on 24th August
2012 with the purchase price of RM480,000.00. On the purchase, he has to
pay RM11,660 for legal fees and stamp duty. In January 2015, he spent
RM35,000 for renovation and repainting the building.
on
28th January 2016, the house was sold to Janet for RM650,000.00. For
the purposes of selling the property Frankie paid an estate agency
commission of 3% on the selling price
to the estate Agent.
Based on the scenario above, calculate the following:-
Disposal Price
Acquisition Price
Chargeable Gain
Real Property Gains Tax payable by Frankie.
Question
With reference to Real Property Gains Tax, briefly explain the following terms:-
Chargeable gain
Chargeable person
Chargeable asset
Disposal Price
Acquisition Price
Madetill Sdn Bhd bought a unit of semi-detached factory in January 2008. The property was completed in July 2009. The property acquisition price was RM830,000. The unit was sold in October 2011. The disposal price of the property is calculated at RM785,000.
In February 2016, Madetill Sdn Bhd disposed a three-storey shophouse. The property was sold for RM1,800,000. He paid 2% on selling price to real estate agent for estate agency commission.
A sum of RM64,000 was spent to renovate and repaint the shophouse. The property was bought three(3) years ago at RM800,000. He paid RM30,000 for the legal fees and stamp duty.
Calculate the chargeable gains/allowable loss for both properties
Real Property Gains Tax payable.
