Stamp Duty Exemption 2023
How stamp duty exemption 2023 benefits us?
The stamp duty exemption 2023 for real estate transfer documents and loan agreements for homes worth between RM500,000 and RM1mil will increase from 50% to 75% until Dec 31st next year.
When tabling the Supply Bill 2023 at the Dewan Rakyat on Friday, Oct 7th, Finance Minister Tengku Datuk Seri Zafrul Tengku Abul Aziz stated he wanted to encourage first home ownership. Stamp duty for houses below RM500,000 was previously entirely exempted until 2025.
He said a 100% exemption for the purchase price of a house of RM300,000 will result in savings of RM6,500, while a 75% exemption for the purchase price of a house of RM750,000 will help save RM15,000.”
He stated that at the moment, stamp duty exemption for property transfers between husband and wife is 100% but not for parents or children.
He stated that the government proposed that property transfers based upon love between families, such as from spouse to wife, father, or grandchild, will be subject to a stamp tax of RM10 starting in 2023.
Tengku Zafrul also announced that the allocation for the construction of new houses in rural areas and renovations to existing ones would be increased from RM361mil to RM460mil.
“Besides this, the ceiling rate of aid for building new homes has been increased from RM68,000 in Sabah to RM79,000 in Sarawak.
“Accordingly, 3,000 houses will be built, with more than half being in Sabah or Sarawak,” he stated. He also said that RM367mil would be allocated for the People’s Housing Programme, which includes new projects in Marang and Terengganu, Arau, and Perlis, and will benefit 12,400 residents.
He said that the People’s Friendly Housing Programme consists of the construction of 4,250 housing units with an allocation of RM358mil.
He also stated that the government guarantee of the Housing Credit Guarantee scheme will be increased to RM3bil to assist up to 12,000 people without a fixed income to purchase a home.
Tengku Zafrul stated that RM290mil was set aside to maintain low- and medium-cost strata homes, including replacing old lifts, as part of a community effort to create a harmonious environment. Additionally, RM22mil was allocated to mobile healthcare in low-cost areas. This allocation will enable the provision of remedial classes to children who lived in low-cost apartments during the Covid-19 pandemic and increase income-generating activities by Yayasan Hazanah.
The Era Duta North falls within RM500,000 to RM 1mil price range.
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