Budget 2023: Love-based property transfer subjected to only RM10 stamp duty next year onwards

Tengku Zafrul Aziz presenting the 2023 Budget in Parliament. Photo credit: Penerangan Facebook Live

By Ling Hui

KUCHING, Oct 7: The Federal government has proposed that all real estate transfers based on love between family members will only be subjected to a stamp duty of RM10, from 2023 onwards.

Finance Minister Tengku Datuk Seri Zafrul Tengku Abdul Aziz said this includes real estate transfers from husband to wife, father to child or grandfather to grandson.

“Currently, full stamp duty exemption is granted on property transfer documents between husband and wife, but only 50 per cent exemption between parents and children,” he said when tabling the Budget 2023 in Dewan Rakyat today.

Meanwhile, Tengku Zafrul also announced an increase of allocations for building new houses and renovating homes in rural areas, from RM361 million to RM460 million.

Budget 2023, with total allocation of RM372.3 billion, is by far the biggest national budget proposed when compared to Budget 2022 totalling RM332 billion and Budget 2021 ammounting to RM322 billion.

Out of the total, RM272.3 billion was allocated for 2023’s management expenditure, RM95 billion for development, and RM5 billion for the Covid-19 fund. — Dayakdaily