Q.
Mr Kurunathan purchased a terrace factory building at Subang Jaya from Mrs Chan on 30 April, 2012 at a purchase price of 20% higher than the market value. Mrs Chan inherited the property from her father's estate in year 2006.
Mr Kurunathan then sold the terrace building to Mr Eric on 30 November, 2012. The market value of similar properties is at RM2,550,000. However, Mr Kurunathan sold the property for RM2,000,000 because he needed the money urgently to migrate to Australia.
a) Explain the property taxes involved in the above case. (15 marks)
b) If Mr Eric is not satisfied with the amount of duty to be paid, explain the actions that can be taken by him. (10 marks)
(25 marks, 2013 Q7)
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