$$Robert Lim is the administrator of his fathers estate who passed away on $15$ November $2018.$ His father owned a bungalow house with land in the vicinity of Bangsar which he bought on $7$ December $2019$ for RM$900,000.$ The market value of the house at the time of his death was RM$4\mathrm{.}2$ million.  

 

On $17$ June $2022,$ Robert sold the house as the administrator for RM$5\mathrm{.}5$ million. Prior to the sale, Robert spent RM$120,000$ renovating the house as it was in a state of disrepair and paid RM$1,600$ for assessment and quit rent. He also incurred RM$25,000$ on legal expenses and RM$110,000$ on agents fees for selling the property. He received the full amount of the sale proceeds on $24$ September $2022.$

Required:

Based on the information given above, calculate the RPGT payable by Robert Lim under RPGT Act $1976($as amended$)$ for the YA $2022.$

$($b$)$ Encik Abdul Rahman is a wealthy car dealer whose business is located in Penang. He transferred to his daughter, one of his condominiums on $1$ July $2022.$

He had bought the condominium on $1$ June $2019$ for RM $600,000.$ He incurred legal fees of RM$12,000$ and stamp duty of RM $11,000$ at the time of purchase. The market value of the property at the time of the transfer was RM$800,000.$

Required:

What are the real property gains tax implications of the transfer of a condominium by Abdul Rahman to his daughter $?$

$($c $)$ State the duties of a disposer on the disposal of a chargeable asset under the RPGT Act $1976.$

Answer rating: 100% (QA)

a To calculate the Real Property Gains Tax RPGT payable by Robert Lim for the YA 2022 we need to determine the chargeable gain The chargeable gain is the difference between the market value of the pro... View the full answer