{"id":310,"date":"2010-10-21T23:43:18","date_gmt":"2010-10-21T15:43:18","guid":{"rendered":"http:\/\/www.nbc.com.my\/blog\/?p=310"},"modified":"2012-08-07T23:06:06","modified_gmt":"2012-08-07T15:06:06","slug":"loan-interest-tax-relief-rm10000-for-3-years","status":"publish","type":"post","link":"https:\/\/www.nbc.com.my\/blog\/loan-interest-tax-relief-rm10000-for-3-years\/","title":{"rendered":"Housing loan interest tax deduction of RM10,000 per year for 3 years of assessment"},"content":{"rendered":"

\"\"Claim your housing loan interest as personal tax deduction\/relief up to RM10,000 per year for 3 years of assessment (RM10,000 x 3 YAs = RM30,000 in total)<\/span>, if you buy a house before 31 Dec 2010, or if you already bought a house since 10 March 2009.<\/p>\n

Do you meet the following conditions or criteria: \u00a0<\/p>\n

    \n
  1. Malaysia citizen and resident in Malaysia;<\/li>\n
  2. Purchase of residential property is limited to one (1) unit;<\/li>\n
  3. Sale and Purchase Agreement signed from 10 March 2009 to 31 December 2010; and<\/span><\/strong><\/li>\n
  4. That residential property must not be rented out.**<\/li>\n<\/ol>\n

    ** The condition only said it must not rented out. In this case, property under construction should be qualified.<\/em><\/p>\n

    If you fulfill all the conditions above, congratulation to you! You may claim the housing loan interest incurred as personal tax relief up to RM10,000 per year for 3 consecutive years of assessment from the year of assessment in which the loan interest is first expended. In total, you may claim up to RM30,000 (RM10,000 per year x 3 years of assessment).<\/p>\n

    For example, say you signed the S&P on 30 September 2010, the first interest cost the bank charged you was, say on 1 November 2010, then the 3 years of assessment is commencing from YA 2010, then YA 2011 and YA 2012. If the interest cost from 1 Nov 2010 to 31 Dec 2010 is only RM3,000, you are only allowed to claim the tax relief on the interest cost incurred, i.e. RM3,000.<\/p>\n

    If the property is jointly purchased by more than 1 person, all of them are entitled for the relief restricted to maximum of RM10,000.<\/p>\n

    For example, Person A claims RM2,000, Person B claims RM3,000 and Person C claims RM5,000. Total claims must not exceed RM10,000. The key point is, you must have incurred at least RM10,000 interest cost on the housing loan.<\/p>\n

    Click here for Press Release from Malaysia Inland Revenue Board<\/a>.<\/p>\n

    Legal reference: Income Tax Act, 1967<\/p>\n

    Section 46B. Deduction for individual on interest expended<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

    Claim your housing loan interest as personal tax deduction\/relief up to RM10,000 per year for 3 years of assessment (RM10,000 x 3 YAs = RM30,000 in total), if you buy a house before 31 Dec 2010, or if you already bought a house since 10 March 2009. Do you meet the following conditions or criteria: […]<\/p>\n","protected":false},"author":6,"featured_media":2870,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[54,43],"tags":[52,51,17],"class_list":["post-310","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-bank-loan-property","category-personal-individual-tax","tag-loan-interest-tax-relief","tag-personal-tax","tag-tax-relief"],"_links":{"self":[{"href":"https:\/\/www.nbc.com.my\/blog\/wp-json\/wp\/v2\/posts\/310"}],"collection":[{"href":"https:\/\/www.nbc.com.my\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.nbc.com.my\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.nbc.com.my\/blog\/wp-json\/wp\/v2\/users\/6"}],"replies":[{"embeddable":true,"href":"https:\/\/www.nbc.com.my\/blog\/wp-json\/wp\/v2\/comments?post=310"}],"version-history":[{"count":0,"href":"https:\/\/www.nbc.com.my\/blog\/wp-json\/wp\/v2\/posts\/310\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.nbc.com.my\/blog\/wp-json\/wp\/v2\/media\/2870"}],"wp:attachment":[{"href":"https:\/\/www.nbc.com.my\/blog\/wp-json\/wp\/v2\/media?parent=310"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.nbc.com.my\/blog\/wp-json\/wp\/v2\/categories?post=310"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.nbc.com.my\/blog\/wp-json\/wp\/v2\/tags?post=310"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}