[The proposed tax relief can be claimed for three years, on homes bought between Jan 1 this year and Dec 31, 2027.]
KUALA LUMPUR: The government has proposed to provide income tax relief of RM7,000 on loan interest payments for first homes costing up to RM500,000 bought between Jan 1 this year and Dec 31, 2027.First homes costing between RM500,000 and RM750,000 stand to gain tax relief of RM5,000, the finance ministry said in an appendix to the federal budget.
The tax relief is subject to the condition that the residential house is not used to generate any income, and is allowed for three consecutive assessment years, starting from the first year housing loan interest is paid, the finance ministry said.
Two or more persons are eligible to claim the tax relief for the same house, based on sharing of interest payments.
References: https://www.freemalaysiatoday.com/category/nation/2024/10/18/rm7000-tax-relief-on-first-homes-costing-up-to-rm500000/
