Q.
Mrs Suria purchased a double storey terrace house at Subang Perdana from Mrs Asiah on 30 April, 2008 at a purchase price of 20% higher than the market value. Mrs Asiah was awarded the house by the State of Selangor as an appreciation for her achievement in obtaining gold medal in the national sport event.
Mrs Suria then sold the house to Mr Wong on 30 November, 2010. The market value of similar properties is at RM550,000. However, Mrs Suria only sold the house for RM450,000 because she needed the money urgently to cover her medial expenses.
a) Explain the property tax involved in the above case. (15 marks)
b) If Mr Wong is not satisfied with the amount of duty to be paid, explain the actions than can be taken by him. (10 marks)
(25 marks, 2011 Q4)
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