Scenario
Mr. X married Ms. Y on 11.11.2011 and bought their first new home (a bungalow) after their wedding under joint names. Mr. X thought only a Malaysian with a status of ‘single’ will be entitled to the once in a lifetime offer; Real Property Gain Tax (RPGT) exemption. Since Mr. X bought the house after his marriage, Mr. X thinks that he is not longer entitled for the RPGT exemption. Is it true?
Mythbusted.
Every individual who is a citizen or a permanent resident of Malaysia is entitled to a once in a lifetime RPGT exemption on gains from the disposal of one residential property.
For married couple who has jointly owned a residential property, each party is entitled to one exemption for the portion of the gain that he/she is entitled to.
So, how much did you know about this Legal Myth?
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