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Stamp Duty Chargeable To Malaysia Property
Stamp duty is one of the method our government earns revenue.
When a property is transacted, stamp duty is imposed on the following manners:
1) When A Property Is Rented.
The tenancy is stamped with an amount calculated as follow:-
a) Firstly, calculate the
annual rent (eg: RM600 per month x 12 months = RM7,200).
d) For every copy of the tenancy agreement a stamp duty of RM10 is chargeable.
2) When A Property Is Sold.
All transfers of property attract stamp duty regardless whether the acquirer gives consideration (value in money or kind example by exchange, as gifts from loves one) for the transfer or not.
The Malaysian government at times impose stamp duty exemption for certain property type for a certain period of time so as to encourage housing sale. Currently, no exemption is given.
Stamp duty for transfer of property is chargeable at the following rate:
3) When A Property Is Mortgaged
When a property is mortgaged, mostly likely the lender of the money will claim charge over the property, the lender does this by creating a Charge on the property. Hence, a Charge is an instrument created by statute namely the National Land Code (NLC). A Charge enable the Chargee (lender) a security for the loan granted to the Chargor (Borrower) over the property charged.
Stamp duty is calculated at the rate of about 0.5%.