Weekly Industry News

HOC to lift property market

Weekly Industry News

N a bid to revitalise the property market and provide financial relief to home buyers, the government has reintroduced the Home Ownership Campaign (HOC) with tax exemptions for the purchase of residential properties.

This HOC reintroduction under the third thrust of the Economic Recovery Plan or Pelan Jana Semula Negara (Penjana) will provide stamp duty exemption on the instruments of transfer and loan agreement for the purchase of residential homes priced between RM300,000 and RM2.5million.

The stamp duty exemption will apply on the instruments of transfer and loan agreements, and will be limited to the first RM1 million of the home purchase price.

Full stamp duty exemption will be given on loan agreements effective for sales and purchase agreements signed between June 1 and May 31next year.

Under this initiative, the government had also decided to provide a Real Property Gains Tax (RPGT) exemption to Malaysian citizens for the disposal of residential homes from June 1 until Dec 31 next year.

Media Title: New Sunday Times

Date: 7 Jun 2020

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