First home buyers can now enjoy full stamp duty exemption for purchase of residential properties below the price of RM500,000 as per announced in Budget 2021. This is according to Stamp duty (Exemption) Order 2021 (P.U (A) 53) act.
Do you know what is Stamp Duty?
Stamp duty identify as a tax that is placed on legal documents when you purchase a house. According to act, the sale and purchase agreement for the purchase of the residential property is executed from 1st January 2021 until 31st December 2025. This act is subject to those who has never owned any residential property including a residential property which is obtained by way of inheritance or gift, which is held under individually or jointly.
The residential property also must be value based on the market value. The application for the exemption shall be accompanied by a statutory declaration under the statutory declarations Act 1960. This full stamp duty exemption entitled for the Memorandum of Transfer (MOT) and Loan Agreements (LA).
Any question regarding stamp duty exemptions or any inquiries for our project, kindly chat with us now 013-4051388.