Q.
Any person who is dissatisfied with an assessment of the Collector under section 36 of the Stamp Duty Act 1949 may, by written notice object to the assessment and apply to the Collector to review the assessment. Thereafter, if he is still dissatisfied with the decision of the Collector he may submit an appeal against the decision to the High Court by filing a notice of appeal with the High Court.
Explain the above mentioned process of objection and appeal.
(25 marks, 2012 Q1)
Showing posts with label 2012 D04 Tax. Show all posts
Showing posts with label 2012 D04 Tax. Show all posts
Tuesday, February 3, 2015
Development Charge Q2
Q.
Notwithstanding any provision in the Federal Territory (Planning) Act 1982 (Act 267), the Commissioner may refuse to grant planning permission or revoke any development order granting planning permission for any development at any time if the development charge in respect of such development or any part thereof remains unpaid. Discuss as to why a developer has to pay the development charge under this Act.
(25 marks, 2012 Q2)
Notwithstanding any provision in the Federal Territory (Planning) Act 1982 (Act 267), the Commissioner may refuse to grant planning permission or revoke any development order granting planning permission for any development at any time if the development charge in respect of such development or any part thereof remains unpaid. Discuss as to why a developer has to pay the development charge under this Act.
(25 marks, 2012 Q2)
Stamp Duty Act 1949 Q3
Q.
a) The Stamp Duty Act 1949 provides the imposition of duty or tax according to the value of the property from every transaction of property. Explain what a stamp duty is and clarify the two types of stamp duty including the respective instruments related to both type of duty. (15 marks)
b) The date for determining the market value of any property being transferred, settled or gifted is clearly stipulated under Section 12A of the Stamp Duty Act 1949. Explain. (10 marks)
(25 marks, 2012 Q3)
a) The Stamp Duty Act 1949 provides the imposition of duty or tax according to the value of the property from every transaction of property. Explain what a stamp duty is and clarify the two types of stamp duty including the respective instruments related to both type of duty. (15 marks)
b) The date for determining the market value of any property being transferred, settled or gifted is clearly stipulated under Section 12A of the Stamp Duty Act 1949. Explain. (10 marks)
(25 marks, 2012 Q3)
Annual Value and Improved Value Q4
Q.
As an estate agent you are required to give advice regarding 'Annual Value' and 'Improved Value' in a discussion relating to Local Government Act 1976 which gives an impact to the property owners. Discuss these matters and give 3 working examples each.
(25 marks, 2012 Q4)
As an estate agent you are required to give advice regarding 'Annual Value' and 'Improved Value' in a discussion relating to Local Government Act 1976 which gives an impact to the property owners. Discuss these matters and give 3 working examples each.
(25 marks, 2012 Q4)
Industrial Building Allowance & Deductible Expenses Q5
Q.
a) The Income Tax Act 1967 specifically provides that certain special building qualify as industrial buildings and thus, qualify for industrial building allowance (IBA). IBA is granted to a person who incurs qualifying capital expenditure on the construction or purchase of an industrial building or structure for use in a qualifying trade. Explain what are industrial buildings and the types of expenditure that qualify for IBA. (10 marks)
b) Miss Dee rented her condominium uit to Mr Boon for a period of 2 years effective from January 2011. The tenant, Mr Boon was introduced to Miss Dee by an estate agent and she paid the agent a fee of RM3,500. Mr Boon requested Miss Dee to install new air-conditioning unit and water heater which costed her an amount of RM5,000. In addition, Miss Dee also has paid RM3,800 to the Condominium Manager for sinking fund and service charges due for the year 2011.
Explain to Miss Dee what are deductible expenses and whether all the above costs are deductible from rental income in determining the income from the letting as provided by the Income Tax Act 1967. (15 marks)
(25 marks, 2012 Q5)
a) The Income Tax Act 1967 specifically provides that certain special building qualify as industrial buildings and thus, qualify for industrial building allowance (IBA). IBA is granted to a person who incurs qualifying capital expenditure on the construction or purchase of an industrial building or structure for use in a qualifying trade. Explain what are industrial buildings and the types of expenditure that qualify for IBA. (10 marks)
b) Miss Dee rented her condominium uit to Mr Boon for a period of 2 years effective from January 2011. The tenant, Mr Boon was introduced to Miss Dee by an estate agent and she paid the agent a fee of RM3,500. Mr Boon requested Miss Dee to install new air-conditioning unit and water heater which costed her an amount of RM5,000. In addition, Miss Dee also has paid RM3,800 to the Condominium Manager for sinking fund and service charges due for the year 2011.
Explain to Miss Dee what are deductible expenses and whether all the above costs are deductible from rental income in determining the income from the letting as provided by the Income Tax Act 1967. (15 marks)
(25 marks, 2012 Q5)
Refund or Remission Local Rates Q6
Q.
Under Section 162 of Local Government Act (Act 171), where any building is unoccupied and no rent is payable in respect thereof during a period of not less than one calendar month in any half year in respect of which a rate has been paid the local authority may order the refund or remission, as the case may be, of any part of such rate proportionate to the period during which the building has been unoccupied. Explain the process/procedure as to how the owner or person could apply to obtain back the amount that he has paid.
(25 marks, 2012 Q6)
Under Section 162 of Local Government Act (Act 171), where any building is unoccupied and no rent is payable in respect thereof during a period of not less than one calendar month in any half year in respect of which a rate has been paid the local authority may order the refund or remission, as the case may be, of any part of such rate proportionate to the period during which the building has been unoccupied. Explain the process/procedure as to how the owner or person could apply to obtain back the amount that he has paid.
(25 marks, 2012 Q6)
Chargeable Gain, Allowable Losses & Relief Q7
Q.
Real Property Gains Tax was re-imposed from 1 January, 2010. Using appropriate examples, explain the followings:
a) Chargeable gains (8 marks)
b) Allowable losses (7 marks)
c) Tax relief for allowable losses (10 marks)
(25 marks, 2012 Q7)
Real Property Gains Tax was re-imposed from 1 January, 2010. Using appropriate examples, explain the followings:
a) Chargeable gains (8 marks)
b) Allowable losses (7 marks)
c) Tax relief for allowable losses (10 marks)
(25 marks, 2012 Q7)
Subscribe to:
Posts (Atom)