Excahnge of Assets
7 important questions on Excahnge of Assets
What happens to shares consideration upon disposal according to Para 3(b)?
- Acquisition price of the transferor
- add: Permitted expense of transferor
- less: Cash payment
- A/D: Date of transfer
What is the condition for no gain no loss in property transfer by an individual?
- Indiv citizen
- Company incorporated in Msia and controlled by individual or his connected persons
What is the acquisition price condition for the RP by the company?
- Acquisition price of transferor
- Permitted expense of transferor
- Date of transfer
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What are the conditions for a chargeable asset transfer under Para 3(b) Schedule 2?
- Owned by an individual who is a citizen.
- Transferred to a company incorporated in Malaysia.
- Controlled by the individual, his wife, or connected person.
- Consideration substantially in shares (at least 75%).
What is the tax implication on the transferor when the asset is transferred?
- Disposal price equals acquisition price.
- No gain, no loss for the individual citizen transferor.
What are the conditions under which Para 3(b) is not tax efficient?
What defines a controlled company?
- A company with not more than 50 members.
- Controlled by not more than 5 persons.
The question on the page originate from the summary of the following study material:
- A unique study and practice tool
- Never study anything twice again
- Get the grades you hope for
- 100% sure, 100% understanding
