TAX QUESTIONS? YOU ASK LAH!

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Q: Do I need to pay stamp duty when transferring properties to family members?

A: Transferring property attracts stamp duty, but if it is between spouses, the stamp duty can be fully exempt. Starting from 1 April 2023, instruments of transfer of property between parents and children, as well as between grandparents and grandchildren, will enjoy a full exemption from stamp duty, but only limited to the first RM1 million of the property’s value.

Wishing you plentiful tax savings!

Zen Chow

YYC Tax Guru

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