No Stamp Duty Exemption for Property Transfer From Parents to Children, Says Tengku Zafrul
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Finance Minister Tengku Datuk Seri Zafrul Tengku Abdul Aziz said the government does not plan on extending the 100% stamp duty exemption offered to transfer of property between husband and wife to transfer of assets from parents to children.
He noted that the government has announced a 50% remission in stamp duty “for transfer of property based on love between parents and children”, reported Bernama.
“This is to encourage property transfer between parents and children to be done when they are still alive to avoid problems in property claims after the death of one of the parties concerned,” he explained during the Ministers Question Time in the Dewan Rakyat.
He was responding to Datuk Mohd Nizar Zakaria’s (BN-Parit) question on stamp duty for transfer of property from parents to children.
The stamp duty remission was aimed at reducing inheritance claim cases in court, said Tengku Zafrul.
He added that the stamp duty remission only applies to recipients who are Malaysian citizens and was applicable since 1 January.
This article was originally published on PropertyGuru.