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DETERMINATION OF CHARGEABLE GAIN / ALLOWABLE LOSS

If the disposal price of the asset exceeds the acquisition price, there is a chargeable gain. on the other hand, if the disposal price of the asset is less than the acquisition price, there is an allowable loss. The computation of chargeable gain or allowable loss is as follows:
RM

RM

RM
The amount or value of the consideration in money or money's worth for the disposal of the asset

XX

Less: Allowable expenses;

- The amount of any expenditure incurred on the asset for the purpose of enhancing or preserving the value of the asset, being expenditure reflected at the time of disposal

X

- The amount of any expenditure incurred in establishing, preserving or defending disposer's title to or right over the asset

X

- The incidental cost of disposal

XX

XX

Disposal price
XX

Less:

Consideration in money or money's worth given by or on behalf of the owner for the acquisition of the asset

XX

Add: The incidental cost of acquisition
X
XX

Less:

- Compensation for any kind of damage to the asset or depreciation of asset

X

- Sum received under a policy of insurance for damage to the asset or depreciation of asset

X

- Amount of deposit forfeited to the disposer

X

XX

Acquisition price

XX

Chargeable gain / Allowable loss [Section 7 RPGTA]

XX

Less:

- Exemption under paragraph of Schedule 4 (individual only)

XX

Total amount of chargeable gain

XX*

Tax payable : XX* @ applicable tax rate

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Updated : : 2019-06-21 09:53:10

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