Question:
Stamp Duty (Remission) Order 2014 provides for the remission of 50% from the stamp duty chargeable on any loan agreement to finance the purchase of only one unit of residential property costing not more than RM500,000, subject to the stipulated conditions. and this order came into effect on 1 Jan 2015, and are applicable where the Sale and Purchase Agreement is executed on or after 1 Jan 2015, but not later than 31 Dec 2016.
But I was told by both lawyer and developer that this rule is only applicable for property between RM300,000 to RM 500,000; any SPA price below RM 300,000 will not be given 50%? Is that true?
Answer :
Thanks for your question.
Yes, you are correct. Under Stamp Duty (Remission) Order 2014, it provides two remissions of stamp duty.
- Remission of 50% from the stamp duty chargeable on any loan agreement to finance the purchase of only one unit of residential property costing not more than RM500,000, subject to the stipulated conditions.
- Remission of 50% from the stamp duty chargeable on any instrument of transfer for the purchase of only one unit of residential property costing not more than RM500,000, subject to the stipulated conditions.
THE OVERLOOKED
In my personal view, I think the lawyer firm is confused between the 2015-2016 year remission order with the year 2014.
As long as your Sale and Purchase agreement and loan agreement was stamped between 1st January 2015 but not later than 31st Dec 2016. Your property will be followed the Stamp Duty (Remission) Order 2014.
I hope this helps.
Thanks.
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