Kota Kinabalu: The Madani Budget 2023 provides for all instruments of transfer of property on grounds of love and affection between parents and children, or grandparents and grandchildren, be given 100 per cent stamp duty exemption on the first RM1 million of the property’s value.
Any remaining balance will be subject to stamp duty at an ad valorem rate, with a 50 per cent remission on the duty imposed.
This treatment only applies where the recipients of the property are Malaysian citizens and for instruments of transfer executed from April 1, 2023.