Wednesday, June 5, 2013

Stamp Duty Waiver for first-time house buyer

The government is extending the 50% stamp duty exemption for first-time house buyers to Dec 31, 2014 under Budget 2013.
The price cap of the residential property will be raised to RM400,000 from RM350,000 under the revised ruling.
The government said the proposal is to reduce the cost of owning the first residential property and also due to the increase in the price of such property.
The effective date is for sales and purchase agreements (SPA) executed from Jan 1, 2013 to Dec 31, 2014.
Under the current regulations, the exemption is only for the SPA signed from Jan 1, 2011 to Dec 31, 2012.
The first residential property applies to an individual who does not own any residential unit or part of a property jointly owned, when applying for the stamp duty exemption.
Residential property includes a terrace house, condominium, apartment or flat.
Source: The Star