Income derived from a rental property is taxable. If you own a rental property, the rental income obtained should be declared in your income tax return form.
Bear in mind that not all monetary transaction between the house owner & tenant is taxable. Also remember that certain expenses on the rental property are eligible for deduction to reduce the income tax.
Take a look at the following scenario.
Everyone would like to buy a property, either for own stay or for an investment. However, do you know that on top of the property price, you have to pay a substantial amount of money for legal or lawyer fees and stamp duty?
Legal fees is payable to the appointed lawyer who will prepare Sale & Purchase Agreement between purchaser and vendor. On other hand, Stamp Duty which also known as Memorandum Of Transfer (MOT) is payable to the government & collected by Lawyer on behalf of the government.
Below is the details on how to calculate Legal Fees & Stamp Duty or else you may use online Legal Fees & Stamp Duty calculator.