Under Budget 2013, Real Property Gains Tax (RPGT) from disposal of properties made within a period not exceeding two years from the date of purchase will be taxed at the rate of 15% (formerly 10%) and 10% within a period of two to five years (formerly 5%). RPGT is not applicable for disposals after five years. Please refer to the table below for the comparison:
In addition, gains from the disposal of one residential property once in a lifetime and disposal of properties as gift between husband and wife, parents and children, grandparents and grandchildren are exempted from RPGT.
Disclaimer: This article is given purely for information drawn from other sources and Rockwills make no representations, express or implied, thereon and shall not be responsible for the accuracy of such information.