Section 13. Returns. (Real Property Gains Tax Act 1976

Real Property Gains Tax Act 1976 (Act 169)
PART III - ASSESSMENT AND COLLECTION

Section 13. Returns.

(1) Every chargeable person who disposes of a chargeable asset and every person who acquires the asset so disposed of shall, within one month (or such further period as the Director General may allow on a written request being made to him) of the date of disposal of that asset, make a return-

(a) specifying in respect of the asset disposed of the acquisition price, the disposal price and the gain or loss on the disposal;

(b) furnishing all information necessary to determine the acquisition price and disposal price of the asset disposed of; and

(c) where the market value of the asset is to be taken for the purposes of this Act, submit a written valuation of the asset by a valuer.

[Sub Act 323:s:31]

(2) Every nominee shall, within one month (or such further period as the Director General may allow on a written request being made to him) of the date of disposal by him of a chargeable asset on behalf of any person, make a return specifying-

(a) the name and address of the person on whose behalf the disposal was made;

(b) the asset disposed of; and

[Sub Act 323:s:31]

(3) Where any assets acquired-

(a) from any person by a company controlled by that person, by his wife or by him jointly with his wife or a connected person; or

(b) with the approval of the Director General under paragraph 17 of Schedule 2, by a company from another company in the same group,

are transferred by the acquiring company to its stock in trade, the acquiring company shall within thirty days after the transfer make a return giving particulars of the assets transferred.

(4) Where a person makes a return under this Act, the return shall be in the prescribed form:

Provided that, where the person making the return is a nominee, the return shall be made to the income tax office nearest to the nominee's principal place of business or abode in Malaysia or if he has no place of business or abode in Malaysia, to the office of the Director General in Kuala Lumpur.

(5) Where a person is required to make a return for the purposes of the income tax law, he shall make a declaration in that return whether or not he has made a disposal of chargeable assets in the year immediately preceding the year of assessment for which that return is made.