Q.
Mr Ahmad sold his double-storey terrace house located at Kota Damansara to Madam Salamah on 30 August, 2013. The market price for similar properties at the subject locality is RM650,000 per unit. However, Mr Ahmad sold his property at lower price of RM550,000 due to urgent needs to cover the medical costs required for his child's treatment.
The house was purchased in 2010 at a higher price of 10% above the current market price for that year but he purchased the property because he wanted to stay near to his sister's house.
a) Explain the taxes involved and the basis to determine the taxes in the above case. (10 marks)
b) If Madam Salamah is not satisfied with the amount of tax that she has to pay, explain the action that need to be taken by her. (15 marks)
(25 marks, 2014 Q2)
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