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EXEMPTION
RPGTA has several provisions for exemption and among the provisions are:
1. Exemption under Paragraph 2 of Schedule 4 RPGTA
  The exemption of Paragraph 2 of Schedule 4 is available to individual only and is allowed as follows:
  a. Disposal of the whole share owned by individual
    The exemption is RM10,000 or 10% of the chargeable gain, whicever is greater.
  b. Disposal of part of the whole share owned by individual (with effect from 31.12.2015)
    If an individual dispose part of his entire share, the exemption allowed is as follows:
   
A X C
B
    where,
    A - Is part of the area of the chargeable asset disposed
    B - Is the total area of the chargeable asset
    C - RM10,000
    or
    10% x chargeable gain, whichever is greater.
2. Exemption fom gain on disposal of a private residence under Section 8 of the RPGTA
  a. Exemption is granted on gain derived from disposal of a private residence. Individula is entitled to the exemption once in a lifetime.
  b. A private residence is defined as a building or part of a building in Malaysia owned by an individual and occupied or certified fit for occupation as a place of residence
  c. Exemption under Section 8 can only be granted on conditions:
    i. The individual is a Malaysian citizen or Malaysian permanent resident;
    ii. Exemption is granted for a private residence only; and
    iii. Election for exemption must be made in writing and is irrevocable. No further exemption will be given for the disposal of other private residences.
  d. No election can be made where an exemption has been granted to an individual under the repealed Land Speculation Tax Act 1974 in respect of the disposal of a private residence.
 

 

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Updated : : 2019-07-22 18:41:07

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