On 1 February 2016, Wong, a citizen of Malaysia, signed a sale and purchase agreement with a
Question:
On 1 February 2016, Wong, a citizen of Malaysia, signed a sale and purchase agreement with a property developer to purchase his first ever property for RM550,000.
Wong incurred legal fees of RM850 and stamp duty of RM9,150 on the purchase of this property.
On 8 October 2018, the completed property was duly handed over to Wong by the property developer. After incurring a further RM20,000 on improvements to the house, Wong, who is single, took up residence in the house on 18 December 2018.
On 30 November 2019, Wong signed a sale and purchase agreement to sell the house to his friend Zulkifli for RM680,000. However, Wong rented the property from Zulkifli and continued to live in the house.
Zulkifli settled the consideration in full on 3 February 2020 and the title of the property was transferred to Zulkifli on 10 March 2021.
- State, with reasons, the date Wong acquired the house and the date he disposed of the house to Zulkifli for the purposes of real property gains tax.
