Mr Muthu is a businessman who handles a lot of international transactions. Having been in the oil and gas company for more than 30 years, he has amassed a handful of properties.Thinking of migrating to Australia, he now intends to transfer 8 of his houses to his son thinking that he would be exempted from the stamp duty for the said transfer. Is it true?
Pursuant to Stamp Duty (Remission)(No. 7) Order 2002, any instrument of transfer of any immovable property operating as a voluntary disposition between parent and child will be entitled to a remission of 50% from the stamp duty chargeable.
Therefore, Mr. Muthu still has to pay the stamp duties (50%) for transferring the properties to his son based on the prevailing market value.
So, how much did you know about this Legal Myth?
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