Section 2

gain other than gain or profit chargeable with or exempted from income tax under the income tax law; or

in the case of a unit trust, gain not treated as income under the income tax law;

“Hindu joint family” means what in any system of law prevailing in

India is known as a Hindu joint family or a coparcenary;

“incapacitated person” means a minor or a person adjudged under any law to be in a state of unsoundness of mind (however described);

“income tax” includes any tax of a substantially similar character (by whatever name called) imposed in Malaysia;

“income tax law” means the law in force in Malaysia regulating income tax;

“Inland Revenue Board of Malaysia” means the Inland Revenue

Board of Malaysia established under the Inland Revenue Board of

Malaysia Act 1995 [Act 533];

*NOTE—Previously known as the National Land Code [Act 56 of 1965] has been revised and was named the National Land Code [Act 828] which comes into operation on 15 October 2020.

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“input tax” has the meaning assigned to it in the *Goods and Services

Tax Act 2014 [Act 762];

“land” includes—

the surface of the earth and all substances forming that surface;

the earth below the surface and substances therein;

buildings on land and anything attached to land or permanently fastened to anything attached to land (whether on or below the surface);

standing timber, trees, crops and other vegetation growing on land; and

land covered by water;

“limited liability partnership” means a limited liability partnership registered under the Limited Liability Partnerships Act 2012 [Act 743];

“option” includes an option in a case where—

the grantor binds himself to sell what he does not own and, because the option is abandoned, never has occasion to own; and

the grantor binds himself to buy what, because the option is abandoned, he does not acquire;

“output tax” has the meaning assigned to it in the *Goods and

Services Tax Act 2014;

“partnership” means an association of any kind (including joint adventures, syndicates and cases where a party to the association is

*NOTE—Goods and Services Tax Act 2014 [Act 762] has been repealed by the Goods and Services Tax

(Repeal) Act 2018 [Act 805] w.e.f. 1 September 2018—see P.U. (B) 510/2018.

Real Property Gains Tax 11

itself a partnership) between parties who have agreed to combine any of their rights, powers, property, labour or skill for the purpose of carrying on a business and sharing the profits therefrom, but excludes a Hindu joint family although such a family may be a partner in a partnership;

“permanent resident” means a person treated as such under any written law relating to immigration;

“person” includes a company, a partnership, a body of persons, limited liability partnership and a corporation sole;

“prescribed” means prescribed by rules made under section 58 or, in relation to a form, prescribed under section 57;

“precedent partner” has the meaning assigned by paragraph 86(1)(a)

of the Income Tax Act 1967;

“real property” means any land situated in Malaysia and any interest, option or other right in or over such land;

“resident” means resident in Malaysia for the purposes of the Income

Tax Act 1967, except that references to basis year or basis year for a year of assessment in that Act shall be read as references to a year of assessment under this Act;

“shares” means all or any of the following:

stock and shares in a company;

loan stock and debentures issued by a company or any other corporate body, wherever incorporated;

a member’s interest in a company not limited by shares whether or not it has a share capital;

any option or other right in, over or relating to shares as defined in paragraphs (a) to (c);

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“Special Commissioners” means the Special Commissioners of

Income Tax appointed under section 98 of the Income Tax Act 1967;

“tax” means the tax imposed by this Act;

“valuer” means any person lawfully carrying on the business of valuing or appraising the value of real property;

“wife” means a woman who (whether or not she has gone through any religious or other ceremony) is regarded by virtue of any law or custom as the wife of a man or as one of his wives;

“year of assessment” has the meaning assigned by section 10.

References in this Act to this Act or to any other written law includes references to any subsidiary legislation made thereunder.

Unless the context otherwise requires, a reference in this Act to the acquisition or disposal of a building includes a reference to the acquisition or disposal of the land on which the building stands.

Where any land which is held by two or more persons as co-proprietors is partitioned so as to vest in each of them, under a separate title, a portion of the land of an area proportionate as nearly as may be to his undivided share in the whole, the partition of the land shall not be regarded for the purposes of this Act as involving the acquisition or disposal of any part of or interest in the land by any such person.