Answering some of your questions on Budget 2015

PwC's Budget 2015 Q&A team. (Foreground from left) managing consultants Nora Aida Sulaiman and Suzanna Kavita. (Background from left) executive director Benedict Francis, manager Siti Aishah Ismail, managing consultant Woo Sue Anne and executive director Tai Weng Hoe.

My wife and I are Malaysians and we have never owned a residential property. We intend to purchase a house at a price of RM480,000 before the end of this year. This is the first property which we will own. Are we eligible for stamp duty exemption as this is our first residential property?

Fifty per cent stamp duty exemption is currently available on the instrument of transfer and loan agreement for the purchase of a first residential property but the exemption is only available for properties priced at not more than RM400,000.