TAX QUESTIONS? YOU ASK LAH!

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Q: There is a once-in-a-lifetime Real Property Gains Tax (RPGT) exemption for individuals who is a citizen or permanent resident of Malaysia who disposes of a residential property. If this property is jointly owned by 2 persons, must both the owners have not used this exemption to enjoy this? 

A: When a joint ownership property is being disposed of, each co-owner will be assessed separately for RPGT. As such, only the co-owner that who has not utilised this exemption can enjoy this. 

Wishing you plentiful tax savings!

Zen Chow

YYC Tax Guru

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