Suria Sdn Bhd purchase a double storey terrace house at Subang Perdana from Mrs Asiah on 30 Apr 2018 at a purchaser price of 20% higher than the market value. Mrs Asiah was awarded the house by the state Selangor in 2006 as an appreciation for her achievement in obtaining gold medal in the National Sport Event
Suria Sdn Bhd then sold the house to Mr Wong on 30 Nov 2021. The market value of similar properties is at RM 950,000. However Suria Sdn Bhd sold the house for only RM 750,000, because they urgently need money for business purpose.
(a) Explain the property taxes involved in the above case (15 marks)
(b) If Mr Wong is not satisfied with the amount of duty to be paid, explain the actions that can be taken by him (10 marks)
(25 marks, 2022 Q3)