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Income tax relief on housing loan interest subject to RM10,000 limit

KUALA LUMPUR: The tax relief on housing loan interest is restricted to a maximum of RM10,000, the Malaysian Inland Revenue Board (IRB) said.

In a statement on Friday April 9, the IRB said the amount was deductible for each basis year for a period of three consecutive years of assessment from the date when the interest was first expended.

To be eligible for the tax relief, an individual must be a Malaysian citizen and resident; the purchase of the residential property is limited to only one unit, the sale and purchase agreement must be executed between March 10 last year and Dec 31 this year; and the house must not be rented out.

If there are more than one person registered as buyers of the house, the application for exemption can be made jointly but subject to a total limit of RM10,000.

Further information can be obtained from the IRB website www.hasil.gov.my or its service centre at 1-300-88-3010.
- Bernama
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