Are you a landlord or tenant in Malaysia? If so, you may be familiar with the process of stamping a tenancy agreement. But do you know how long you have to get it done?
The stamping period for tenancy agreements in Malaysia is 30 days from the date of signing. This means that both the landlord and tenant have 30 days to get their copy of the agreement stamped by the Inland Revenue Board (LHDN).
Why is stamping important? Stamping a tenancy agreement is a legal requirement under the Stamp Act 1949. It serves as proof that the agreement has been assessed and approved by the government, and that the necessary stamp duty has been paid. Failure to stamp an agreement within the 30-day period can result in a penalty of up to RM25,000 or imprisonment for up to three years.
To get your tenancy agreement stamped, you’ll need to bring a copy of the agreement to the nearest LHDN office and pay the required stamp duty. The stamp duty for tenancy agreements varies depending on the rental amount and the duration of the tenancy. You can use the Stamp Duty Calculator on the LHDN website to find out how much you need to pay.
Once the agreement has been stamped, both the landlord and tenant should keep a copy of the stamped agreement as proof of payment. This can come in handy in case there are any disputes or legal issues in the future.
It’s important to note that the stamping period for tenancy agreements cannot be extended. If the agreement is not stamped within the 30-day period, a new agreement will need to be drafted and signed.
In conclusion, the stamping period for tenancy agreements in Malaysia is a crucial aspect of the rental process. Both landlords and tenants should be aware of the 30-day deadline and make sure to get their agreement stamped on time. This will not only ensure compliance with the law but also provide legal protection in case of any disputes.