'Love And Affection' Property Transfer Exempted From Stamp Duty

07/09/2007 Bernama.com

KUALA LUMPUR, Sept 7 (Bernama) -- The government is proposing that the instruments for transfer of property between husband and wife on the basis of "love and affection" be exempted from stamp duty.

"The proposal is effective Sept 8, 2007," said Prime Minister Datuk Seri Abdullah Ahmad Badawi, who is also finance minister, when tabling the Budget 2008 at Parliament today.

At present, for the first RM100,000 worth of property, RM1.00 duty for every RM100 or part thereof, will be charged; property valued at between RM100,000 and RM500,000, RM2.00 duty for every RM100 or part thereof, will be charged; and, RM3.00 duty for every RM100 or part thereof, will be charged for a property worth more than RM500,000,

For transfer of real property between husband and wife on the basis of "love and affection" a 50 percent stamp duty exemption is given.

-- BERNAMA