No wonder today property stock up.
So hold your property for 6 years only sell.
December 24, 2009 00:05 AM
PUTRAJAYA, Dec 23 (Bernama) -- The real property gains tax will now only be applicable to properties that are sold within five years of their purchase, Prime Minister Datuk Seri Najib Tun Razak announced Wednesday.
He said the five percent tax would be imposed on those who sold their properties within less than five years after purchasing them, while the announcement in the 2010 Budget saw the tax being imposed on all properties sold.
Najib said this decision would see the government foregoing about RM200 million in revenue.
"This policy was also decided as the government wants to see stronger growth in the property sector next year.
"We are willing to forego a substantial amount of revenue so that the sector can expand and grow," he said in his speech at the swearing-in of Hua Zong's office-bearers for the 2009-2011 term at Marriott Hotel here.