Rental Income Tax Exemption Malaysia 2020

Yes you may still make your deductions from rental tax as normal.

Rental income tax exemption malaysia 2020. Tax exemption on rented home rental income of 50 for rental income up to rm2 000 per month to malaysians residing in malaysia. 1 section 49 1d of the income tax act ita provides that income tax deduction not exceeding rm3 000 can be claimed by an individual who has. Owners of buildings or business spaces that provide a reduction or waiver of rent to tenants of business premises consisting of small and medium enterprises are given a special deduction equal to the amount of such rent reduction for april 2020 to september 2020. For the be form resident individuals who do not carry on business the deadline for filing income tax in malaysia is 30 april 2020 for manual filing and 15 may 2020 via e filing.

Exemption given from year assessment 2018 to 2020. This relief is applicable for year assessment 2013 and 2015 only. Tax exemption on rental income from residential houses to encourage malaysian resident individuals to rent out residential homes at reasonable charges malaysia budget 2018 announced that 50 income tax exemption be given on rental income received by malaysian resident individuals from year of assessment 2018 until year of assessment 2020 subject to the following conditions. This special deduction granted is subject to condition of rent reduction should be at least 30 of the original rental rate for that period.

The tenancy agreement has to have been stamped and executed on or after january 1 2018. Income tax exemptions of up to rm1 000 for local travel expenses will also be extended until the end of 2020. Tenancy takes place in the year of assessment 2018 to 2020. Real property gains tax rpgt exemption for malaysians for disposal of up to three properties from june 1 2020 to december 31 2021.

A paid premiums for a deferred annuity. The deadline for filing your income tax returns form in malaysia varies according to what type of form you are filing. The monthly rental for each property is rm2 000 or less. Special relief of rm2 000 will be given to tax payers earning on income of up to rm8 000 per month aggregate income of up to rm96 000 annually.

Net saving in sspn s scheme total deposit during the year minus total withdrawal in the same year 2 rm 8000. This exemption applies to any income from the rental of residential properties between the year 2018 and 2020 reported between 2019 and 2021.