Legal fees – what are the costs involved in respect of Stamp duty?

 

STAMP DUTY ON SALE/ LEASING OF PROPERTY

 

In the case of purchase of any property, the contract of sale and purchase is chargeable to ad valorem duty on the price of the sale transaction/ tenancy. The rate of duty is the same as that of Immovable Property (Stamp Act 1946 refers).

 

SALE OF PROPERTY

 

The prescribed rate of duty for sale transaction is as shown below:-

 

 

Value of the property

Stamp Duty Payable

First RM100,00

1%

From RM100,001 to RM499,999

2%

From RM500,000 above

3%

 

 

Note: The duty shall be paid by the Purchaser of the property.

 

LEASING OF PROPERTY

 

The lease or tenancy instrument which secures annual rent not exceeding RM2,400 is EXEMPTED from duty and presentation of these instruments at a stamping office or centre is not necessary.

 

The prescribed rate of duty on the instrument which secures annual rent exceeding RM2,400 is as follows:-

 

 

For every RM250 or part thereof in excess of RM2,400

Tenure

Rate of Stamp Duty

Not exceeding 1 year

RM1

Exceeding 1 year but not exceeding 3 years

RM2

Exceeding 3 years and above

RM4

 

For any enquiries and informations, please contact us at +603 7729 9988 or enquiry@kimrealty.com.my