KUALA LUMPUR – The government has no plans to provide stamp duty exemption for transfer of property from parents to children at this time, said Finance Minister Datuk Seri Tengku Zafrul Tengku Abdul Aziz.
He said based on the existing procedure, the 100% stamp duty exemption is for the transfer of assets only between husband and wife.
“The government has announced a remission of 50% of stamp duty for transfer of property based on love between parents and children.
“This is to encourage property transfer between parents and children to be done when they are still alive to avoid problems in property claims after the death of one of the parties concerned,” he said during the ministers’ question time at the Dewan Rakyat today.
He said this in response to a question from Datuk Mohd Nizar Zakaria (BN-Parit) on stamp duty for property transfer from parents to children.
Tengku Zafrul said the remission of the stamp duty was also intended to reduce cases of inheritance claim in court.
He said the stamp duty remission was applicable since January 1 this year and involved only recipients who are Malaysian citizens. – Bernama, December 17, 2020
