Stamp Duty & RPGT Hadi and Adi Putra Q2

Calculate the stamp duty and real property gain tax that need to be paid for the following transactions and explain who are responsible to settle the payment.

(a) Mr Hadi purchased a bungalow located at Puncak ALam through public auction at final bidding price of RM 400,000 on 1stApril 2020. Market Value for similar property as of the date of purchase is RM 600,000. On 1st Nov 2020, Mr Hadi spent RM 150,000 for renovation. He intend to sell his house. Mr Chin offered him to purchase the house at RM 850,000. However Mr Hadi is not agreeable to Mr Chin in offer and sold the house to MR Gopal for RM 900,000 on 10 Jan 2022.

(b) Adi Putra purchased a parcel of an agricultural land – 1 acre on 1stJune 2019 at RM 500,000. Submitted application from agriculture to building. He paid an additional premium of RM 70,000. He submitted for planning permission to subdivide the land to 4 lots which is 10,000 square feet each. He sold 2 lots to his son Daniel & Darry at RM 100,000 each. He given one lot to his wife Aminah under love and affection and he kept one for himself. All transactions are made on 1st Feb 2022. The market value for a bungalow lot in the vicinity is at RM 65 per square foot.

(25 marks, 2022 Q2)

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