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  • Ch1-Tutorial 1

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    NURSABRINA BINTI ROSLI (BG)
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    This document discusses Real Property Gains Tax (RPGT) exemptions and their application in several situations: 1. The document outlines 3 exemptions available under Paragraph 17, Schedule 2 of the RPGT Act 1976 for transfers of property ownership between companies. 2. It then presents a scenario where a deceased person's estate is transferred to a trustee to distribute to her two children according to her will, including two houses and a parcel of land. 3. The trustee subsequently transfers the houses and land to the children, and the question analyzes whether RPGT is chargeable in each case, and identifies the acquisition date and price. RPGT rates are also discussed for a later sale of one of the houses

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    CH1-TUTORIAL 1

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    This document discusses Real Property Gains Tax (RPGT) exemptions and their application in several situations: 1. The document outlines 3 exemptions available under Paragraph 17, Schedule 2 of the RPGT Act 1976 for transfers of property ownership between companies. 2. It then presents a scenario where a deceased person's estate is transferred to a trustee to distribute to her two children according to her will, including two houses and a parcel of land. 3. The trustee subsequently transfers the houses and land to the children, and the question analyzes whether RPGT is chargeable in each case, and identifies the acquisition date and price. RPGT rates are also discussed for a later sale of one of the houses

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    9 views2 pages

    Ch1-Tutorial 1

    Uploaded by

    NURSABRINA BINTI ROSLI (BG)
    This document discusses Real Property Gains Tax (RPGT) exemptions and their application in several situations: 1. The document outlines 3 exemptions available under Paragraph 17, Schedule 2 of the RPGT Act 1976 for transfers of property ownership between companies. 2. It then presents a scenario where a deceased person's estate is transferred to a trustee to distribute to her two children according to her will, including two houses and a parcel of land. 3. The trustee subsequently transfers the houses and land to the children, and the question analyzes whether RPGT is chargeable in each case, and identifies the acquisition date and price. RPGT rates are also discussed for a later sale of one of the houses

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    of 2

    CHAPTER 1: REAL PROPERTY GAIN TAX (ADVANCE)

    TUTORIAL QUESTIONS

    QUESTION 1 (6 points)

    The Board of Directors (BOD) in Seri Emas Holdings is planning to transfer the ownership of
    company’s shop building in Sri Hartamas to its subsidiary company, Delima Sdn Bhd. The BOD
    of Seri Emas Holdings seeks for your advice on RPGT exemptions available for a company.

    State the THREE (3) exemptions available under Paragraph 17, Sch. 2, RPGT Act 1976.
    (3 points)

    QUESTION 2 (14 points)

    Puan Rosni has two (2) children. Before Puan Rosni passed away, she had appointed Aneka
    Trustee to administer her estates after her death. Her will stated the following:

    1. Residential house in Bukit Astana shall be transferred to her son, Razali.


    2. Residential house in Indera Mahkota shall be transferred to her daughter, Rania.
    3. Land in Sungai Lembing to be sold and the proceeds shall be divided equally among the
    two children.

    Puan Rosni died on 17 August 2021 and all the abovementioned estates were transferred to
    Aneka Trustee for the execution of the will. The market value on the date of transfer were:

    House in Bukit Astana – RM285,000


    House in Indera Mahkota – RM238,000
    Land in Sungai Lembing – RM60,000

    Required:

    i. For each of the following situations,


    a. State with reasons whether RPGT is chargeable to the transferee or not.
    b. Identify the acquisition date and acquisition price.

    SITUATIONS:
    1. The residential house in Bukit Astana was transferred by Aneka Trustee to Razali on 5
    January 2022 when the market value was at RM300,000. (4 points)

    2. The residential house in Indera Mahkota was transferred by Aneka Trustee to Rania on
    5 January 2022 when the market value was at RM245,000. (4 points)

    3. Aneka Trustee managed to sell the land for RM70,000 on 18 March 2022 when the
    market RM72,000. The proceeds were distributed to Puan Rosni’s children. (4 points)

    ii. Razali sold the Bukit Astana residential house to a third party on 15 July 2022 at
    RM320,000.

    Identify the RPGT rate for the sale of Bukit Astana residential house. Explain (2 points)

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