Are you thinking of transferring your house or condominium to your son or daughter?
In Malaysia, parents may transfer property to their children by way of love and affection, without requiring the children to purchase the property under a conventional sale and purchase transaction.
Is There Any Stamp Duty Exemption?
Under the Stamp Duty (Exemption) (No. 3) Order 2023, qualifying transfers of property between parents and children may enjoy:
- 100% stamp duty exemption on the first RM1 million of the property’s market value; and
- 50% stamp duty remission on the stamp duty attributable to the market value exceeding RM1 million.
The recipient must be a Malaysian citizen, and the applicable legal requirements must be satisfied.
Note: The information above is accurate as at the date of publication and is subject to changes in the applicable laws and regulations.
What Is the Procedure?
The process generally involves reviewing the property title, preparing the relevant transfer documents, obtaining any necessary consent, attending to stamp duty adjudication and registering the transfer at the relevant land registry or land office.
If the property is still subject to a bank loan, additional arrangements may be required.
Need Help Transferring Property to Your Children?
At TEH & YU, our conveyancing lawyers assist parents with transferring houses, condominiums and other properties to their children in Malaysia.
Contact us to enquire about our legal services for property transfers between parents and children.