On 12 February 2012, Mark signed a sale and purchase agreement with a property developer to purchase a property for RM580,000. Mark incurred legal fees of RM1,000 and stamp duty of RM9,000 on the purchase of this property. A. On 9 October 2012, the developed property was duly handed over to Mark by the property developer. Mark incurred RM50,000 on renovations to the house. On 10 November 2014, Mark verbally agreed to sell the house to his neighbour for RM800,000. The neighbour settled the consideration in full on 10 February 2015 and the title of the property was trans ferred to the neighbour on 2 December 2015. Required: Compute Mark's chargeable gain subject to real property gains tax, stating clearly his dates of acquisition and disposal. Notes: You are NOT required to compute the real property gains tax.
On 12 February 2012, Mark signed a sale and purchase agreement with a property developer to purchase a property for RM580,000. Mark incurred legal fees of RM1,000 and stamp duty of RM9,000 on the purchase of this property. A. On 9 October 2012, the developed property was duly handed over to Mark by the property developer. Mark incurred RM50,000 on renovations to the house. On 10 November 2014, Mark verbally agreed to sell the house to his neighbour for RM800,000. The neighbour settled the consideration in full on 10 February 2015 and the title of the property was trans ferred to the neighbour on 2 December 2015. Required: Compute Mark's chargeable gain subject to real property gains tax, stating clearly his dates of acquisition and disposal. Notes: You are NOT required to compute the real property gains tax.
Chapter3: Income Sources
Section: Chapter Questions
Problem 86P
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ISBN:
9780357109731
Author:
Hoffman
Publisher:
CENGAGE LEARNING - CONSIGNMENT