Q.
(a) Explain five (5) situations in which the disposal price shall be deemed at Market Value in the imposition of Real Property Gains Tax. (10 marks)
(b) Daud bought a double storey terraced house on 20th August 2011 for RM400,000. One month later, the car porch leaned and Daud succeeded in recovering RM10,000 by way of damages from the developer. In September, 2013, he made a renovation to the house costing RM50,000. In November the same year, Haikal entered into an agreement to buy the property and he paid a deposit of RM30,000. However, Haikal failed to secure a bank loan and the sale was aborted and the deposit was forfeited. In June, 2014, Daud sold the property for RM700,000 and incurred the following expenses for the sale:
Valuation fee-----------------RM6,700
Cost of advertisement-------RM1,200
Agency fee--------------------RM10,000
Calculate Real Property Gains Tax payable by Daud. (15 marks)
(25 marks, 2015 Q3)
A.
Ref:
Showing posts with label 2015 D04 Tax. Show all posts
Showing posts with label 2015 D04 Tax. Show all posts
Sunday, August 23, 2015
Rates Exemption, CAR and Refund of rates Q2
Q.
With reference to the Local Government Act, 1976 (Amendment),
(a) State four (4) types of holdings that can be exempted from rates and support your answer with an example. (12 marks)
(b) Explain 'Contribution in Aid of Rates'. (5 marks)
(c) State the conditions that must be fulfilled to apply for "Refund on Unoccupied Buildings". (5 marks)
(25 marks, 2015 Q2)
A.
Ref:
With reference to the Local Government Act, 1976 (Amendment),
(a) State four (4) types of holdings that can be exempted from rates and support your answer with an example. (12 marks)
(b) Explain 'Contribution in Aid of Rates'. (5 marks)
(c) State the conditions that must be fulfilled to apply for "Refund on Unoccupied Buildings". (5 marks)
(25 marks, 2015 Q2)
A.
Ref:
Development Charge on Change of Use Q1
Q.
(a) State five (5) differences between 'quit rent' and 'assessment'. (10 marks)
(b) Encik Ahmad owns a 5 hectares agricultural land. He plans to develop the land with a 3 stars hotel with 150 rooms. Encik Ahmad seeks your advice on the procedures as well as all the payments involved for the conversion and development of the land. Based on the State Land Rules you are familiar with, advice Encik Ahmad. (15 marks)
(25 marks, 2015 Q1)
A.
Ref:
(a) State five (5) differences between 'quit rent' and 'assessment'. (10 marks)
(b) Encik Ahmad owns a 5 hectares agricultural land. He plans to develop the land with a 3 stars hotel with 150 rooms. Encik Ahmad seeks your advice on the procedures as well as all the payments involved for the conversion and development of the land. Based on the State Land Rules you are familiar with, advice Encik Ahmad. (15 marks)
(25 marks, 2015 Q1)
A.
Ref:
Calculation of Stamp Duty Esp Rental Q6
Q.
With reference to the Stamp Act 1949 (As amended), calculate the stamp duty payable on the following cases;
(a) Kah Mah sold a piece of land with 6,000 square metre to Ah Lee in August 2014 for RM100.00 per square metre. Private valuer appointed by Ah Lee is of the opinion that the value is only RM85.00 per square metre. (5 marks)
(b) Ramasamy bought 5 hectares of land with development potential on March 2010 valued at RM250,000. He sold the said land to Mek Su for RM500,000 on October 2014 as estimated by a private valuer. The government valuer thereafter valued the land at RM750,000.
(c) A&W leased a 500 square metre of retail space in Lot 10 Shopping Complex at RM50.00 per square metre per month. It is a lease for a 5 year term commencing on the 1st January 2015. A&W has to pay maintenance fees of RM20.00 per square metre and assessment to Dewan Bandaraya Kuala Lumpur.
(25 marks, 2015 Q6)
A.
Ref:
With reference to the Stamp Act 1949 (As amended), calculate the stamp duty payable on the following cases;
(a) Kah Mah sold a piece of land with 6,000 square metre to Ah Lee in August 2014 for RM100.00 per square metre. Private valuer appointed by Ah Lee is of the opinion that the value is only RM85.00 per square metre. (5 marks)
(b) Ramasamy bought 5 hectares of land with development potential on March 2010 valued at RM250,000. He sold the said land to Mek Su for RM500,000 on October 2014 as estimated by a private valuer. The government valuer thereafter valued the land at RM750,000.
(c) A&W leased a 500 square metre of retail space in Lot 10 Shopping Complex at RM50.00 per square metre per month. It is a lease for a 5 year term commencing on the 1st January 2015. A&W has to pay maintenance fees of RM20.00 per square metre and assessment to Dewan Bandaraya Kuala Lumpur.
(25 marks, 2015 Q6)
A.
Ref:
Income Tax Exempted and Subjected to Q5
Q.
(a) State any five (5) classes of income that are exempted from Income Tax. (10 marks)
(b) With examples give any five (5) types of income which are subjected to Income Tax. (15 marks)
(25 marks, 2015 Q5)
A.
Ref:
(a) State any five (5) classes of income that are exempted from Income Tax. (10 marks)
(b) With examples give any five (5) types of income which are subjected to Income Tax. (15 marks)
(25 marks, 2015 Q5)
A.
Ref:
Calculation of Development Charge Cases Q4
Q.
With reference to Town and Country Planning Act, 1976 (As amended), calculate the Development Charge of the following;
(a) Ali proposed to develop a housing scheme of 400 residential units on his 10 acres plot of land. The local plan indicated that the development density in that area is 60 persons per acre. The Development Charge payable is RM6,000 per unit. (10 marks)
(b) Raju proposes to construct a shop-office with a floor area of 560 square metre on his Lot 2334 Mukim Kapar which a land area of 130 square metres. The plot ratio in the vicinity is 1:2.5. The Development Charge payable is RM60.00 per square metre. (10 marks)
(c) Christina proposed a development of a petrol station on Lot 335, Mukim Petaling. The category of land use is building and express condition states as residential. The local plan indicates that the lot is zoned for commercial use. The development charge for change of land use is at 30% of the increase in market value. (5 marks)
(25 marks, 2015 Q4)
A.
Ref:
With reference to Town and Country Planning Act, 1976 (As amended), calculate the Development Charge of the following;
(a) Ali proposed to develop a housing scheme of 400 residential units on his 10 acres plot of land. The local plan indicated that the development density in that area is 60 persons per acre. The Development Charge payable is RM6,000 per unit. (10 marks)
(b) Raju proposes to construct a shop-office with a floor area of 560 square metre on his Lot 2334 Mukim Kapar which a land area of 130 square metres. The plot ratio in the vicinity is 1:2.5. The Development Charge payable is RM60.00 per square metre. (10 marks)
(c) Christina proposed a development of a petrol station on Lot 335, Mukim Petaling. The category of land use is building and express condition states as residential. The local plan indicates that the lot is zoned for commercial use. The development charge for change of land use is at 30% of the increase in market value. (5 marks)
(25 marks, 2015 Q4)
A.
Ref:
Calculation of Assessment Rates Shop at Kulai - Improved Value Q7
Q.
(a) With reference to Local Government Act 1976 (As amended), state five (5) basis for objections to the Valuation List. Give example for each. (10 marks)
(b) Determine the assessment of a newly completed double storey shop with a lettable area of 160 square metre located at Kulai Jaya, Johor Bahru.
Current rental of similar properties in the vicinity is RM25.00 per square metre per month (nett), while in 2013 the rental rate for similar properties was at RM20.00 per square metre per month (nett).
The rate of return of the property is estimated at 6% p.a., and the assessment rate is 0.27%. The Tone of the List adopted by MBJB is at 1st January, 2013. (15 marks)
(25 marks, 2015 Q7)
A.
Ref:
(a) With reference to Local Government Act 1976 (As amended), state five (5) basis for objections to the Valuation List. Give example for each. (10 marks)
(b) Determine the assessment of a newly completed double storey shop with a lettable area of 160 square metre located at Kulai Jaya, Johor Bahru.
Current rental of similar properties in the vicinity is RM25.00 per square metre per month (nett), while in 2013 the rental rate for similar properties was at RM20.00 per square metre per month (nett).
The rate of return of the property is estimated at 6% p.a., and the assessment rate is 0.27%. The Tone of the List adopted by MBJB is at 1st January, 2013. (15 marks)
(25 marks, 2015 Q7)
A.
Ref:
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