Q.
Determine the duty payable in the following cases:
a) Mrs Tan sold a parcel of residential land measuring 2.5 acres to Mr Deen in February 2013 for RM5 per sq foot. The private valuer engaged by Mr Deen prepared a valuation report valuing the property at RM6.50 per sq foot. However, the report submitted by the government valuer indicated a market value of RM7.00 per sq foot. (8 marks)
b) Mr Gan owned a parcel of agricultural land encompassing an area of 1.5 acres with potential to be developed as a single storey bungalow. The land is sold to Mr Kurrusamy for RM380,000 in Mac, 2013. The market value by the government valuer is RM280,000. The land was purchased by Mr Gan in January 2010 for RM250,000. The legal fees incurred is RM2,200 and he also paid an amount of 2% of the purchase price to an estate agent. (10 marks)
c) An apartment is leased to Mrs Namie for RM1,800 per month for a period of 5 years effective from February 2012. The tenant is responsible to pay the assessment rate of RM1,200 to local authority apart form maintenance fee of RM80 per month. (7 marks)
(25 marks, 2014 Q3)
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