Explain, with reasons, whether the gain of each scenario are assessable to Malaysian income tax. Jacob retired from employment at the age of 56 in 2013 and received a gratuity of RM70,000. He utilised the gratuity and withdrew a sum of RM130,000 from the Employees’ Provident Fund (EPF) to partly finance the acquisition of a piece of agricultural land costing RM350,000. The balance of the acquisition price was financed by bank borrowings. Part of the agricultural land was developed into a fruits plantation and the balance of the land was rented out. In 2019, Jacob migrated to London to be with his children. Before he left Malaysia, he sold the agricultural land at a gain of RM85,000. The sale was made through a real estate agent. He has not disposed of any real property previously. 

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The gain of RM85000 from the sale of the agricultura... View the full answer