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Does a citizen have to pay tax when selling the house in which they are registered?
Does a citizen have to pay tax when selling the house in which they are registered?
What tax exemption can I benefit from when selling an apartment where I have been registered for seven years?
According to the State Tax Service under the Ministry of Economy, individuals who sell residential or non-residential premises owned by them are considered taxpayers of the simplified tax.
Since January 1, 2020, when individuals sell residential property in their private ownership, 30 square meters of the property area is exempt from simplified tax, regardless of whether the person has been registered at that address or the duration of such registration. If the individual has been registered at the residence for less than 3 calendar years, then when selling the property, 30 square meters is deducted from the total area and simplified tax is calculated for each square meter of the remaining area. The amount of tax is determined at 15 manats per square meter of the sold apartment, applying the coefficient established by the Tax Code. The size of the residential property is determined based on the ownership certificate (title extract).
In response to your inquiry, it should be noted that according to Article 218-1.1.5.1 of the Tax Code, the sale of residential premises by individuals who have been registered at that address for at least 3 calendar years is exempt from tax.
Legal basis: Articles 218.4.3, 218-1.1.5.1, and 220.8 of the Tax Code.
What tax exemption can I benefit from when selling an apartment where I have been registered for seven years?
According to the State Tax Service under the Ministry of Economy, individuals who sell residential or non-residential premises owned by them are considered taxpayers of the simplified tax.
Since January 1, 2020, when individuals sell residential property in their private ownership, 30 square meters of the property area is exempt from simplified tax, regardless of whether the person has been registered at that address or the duration of such registration. If the individual has been registered at the residence for less than 3 calendar years, then when selling the property, 30 square meters is deducted from the total area and simplified tax is calculated for each square meter of the remaining area. The amount of tax is determined at 15 manats per square meter of the sold apartment, applying the coefficient established by the Tax Code. The size of the residential property is determined based on the ownership certificate (title extract).
In response to your inquiry, it should be noted that according to Article 218-1.1.5.1 of the Tax Code, the sale of residential premises by individuals who have been registered at that address for at least 3 calendar years is exempt from tax.
Legal basis: Articles 218.4.3, 218-1.1.5.1, and 220.8 of the Tax Code.