KUALA LUMPUR, Oct 7 — Individuals wishing to transfer their deed of assignment to their family members will only now need to pay a fixed rate of RM10 stamp duty next year onwards, Finance Minister Datuk Seri Tengku Zafrul Abdul Aziz said today.
In unveiling Budget 2023, Tengku Zafrul said the new policy would be enforced on any deed of assignment transfers between family members of the same household.
"Since the love of a parent and their children cannot be halved, the government has decided that all transfers involving property based on love such as between spouses, parent-child or grandparent-grandchildren will only be charged a stamp duty of RM10," he said.
At present, transfers of property made between spouses are fully exempt from stamp duty whereas transfers between parents and children where the recipient is a Malaysian citizen is 50 per cent exempt from stamp duty.
Gifts between grandparents and grandchildren are not exempt from stamp duty and gifts between other family members are not exempt from stamp duty either.
Separately, Tengku Zafrul also announced that stamp duty exemption to both property transfer and loan agreements for houses worth between RM500,000 to RM1 million will be increased from 50 per cent to 75 per cent until the end of 2023.
"For example, a 100 per cent exemption on a RM300,000 house purchase would result in savings of RM6,500 whereas a 75 per cent exemption on a RM750,000 house purchase would result in savings as much as RM15,000," he said.
