Section 12A
Assessment of the value of property under transfer or settlement
Where an instrument is chargeable with duty under Item 32(a),
(aa) or (ab) of the First Schedule, the date for determining the market value of any property being transferred, settled or gifted shall be—
(a)
in the case of a settlement or gift, the date of execution of the instrument of trust or settlement or gift;
(b)
in the case of a transfer implementing a sale under a duly stamped agreement of sale and purchase, the date of execution of that agreement;
(c)
in the case of a transfer of any property granted by a statutory body, a local authority or any co-operative society registered under any laws relating to co-operative societies, the date when the final terms of transfer had been communicated to the transferee, and in the case of subsequent resale of that property, the date of consent by the statutory body or local authority or the board of the co-operative society for that resale;
(d)
in the case of a transfer under a duly stamped sale and purchase agreement where financial arrangements have been made in accordance with the Syariah, the date of execution of agreement; or
(e)
in any other case, the date of execution of the instrument of transfer.
28 Laws of Malaysia ACT 378