Rental Income Tax Exemption Malaysia 2020

This relief is applicable for year assessment 2013 and 2015 only.

Rental income tax exemption malaysia 2020. Now there are certain requirements which need to be met first before you can be qualified for this income tax exemption. They are as follows. E expenses eligible for tax relief are as follows. During the tabling of budget 2018 it was stated that there ll be an exemption of 50 on the statutory income of rental received by malaysian citizens who live in malaysia.

Exemption given from year assessment 2018 to 2020. When is the rental deduction period eligible for this special deduction. Individuals who own property situated in malaysia and receive rental income in return are subject to income tax. This special deduction will be provided through the issuance of income tax rules.

The deadline for filing your income tax returns form in malaysia varies according to what type of form you are filing. 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. Now in 2019 the time has come for property owners to begin claiming that exemption on their income tax forms. In budget 2018 the government introduced a new limited time tax exemption designed to control home rental prices.

The period of rent reduction eligible for this special deduction is for rents charge from april to september 2020. How is this special deduction given. Income tax exemption on rental income now available. 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.

Tax exemption on rented home rental income of 50 for rental income up to rm2 000 per month to malaysians residing in malaysia. Tax related measures updated as at 20 may 2020 special personal income tax relief for year of assessment 2020 to resident individuals of up to rm1 000 for domestic travelling expenses incurred between 1 march 2020 to 31 august 2020.