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KUALA LUMPUR: The government has no plans to grant a stamp tax exemption for the transfer of property from parents to children, Finance Minister Tengku Zafrul Aziz said.
He said the 100% exemption from stamp duty was only for the transfer of assets between husband and wife.
“The government has announced a remission of 50% in the stamp tax for the transfer of property based on the love between parents and children.
“This is to encourage the transfer of property between parents and children when they are alive to avoid problems in property claims after the death of one of the parties involved,” he said today during question time for ministers at the Dewan Rakyat .
He was responding to Mohd Nizar Zakaria (BN-Parit), who asked him about stamp duty for the transfer of property between parents and children.
Tengku Zafrul said the stamp duty waiver was also intended to reduce the cases of inheritance claims in court.
He said that the remission of the stamp tax is applicable from January 1 of this year and only involves recipients who are citizens.
