Some families with children can be exempted from income tax (PIT) on the sale of real estate. The corresponding amendments to the Tax Code were developed by the Ministry of Finance. RBC writes about this with reference to a document, the authenticity of which was confirmed to the publication by a source.
Which families want to be exempted from personal income tax?
They plan to provide tax incentives to families with two or more children who have sold housing to buy a more spacious one. President Vladimir Putin ordered such reliefs in July 2021. & Nbsp;
What real estate can be given a tax credit?
The Ministry of Finance proposes to free the income of families with children from the sale of a room, apartment, residential building, part of an apartment or house. The term of ownership of the property does not matter. However, there are five conditions that must be met for exemption from personal income tax. & Nbsp;
What conditions must families meet to receive benefits?
The developed amendments to the Tax Code provide that families with two or more children can be exempted from paying personal income tax on the sale of housing if all of the following conditions are met:
& bull; & nbsp; taxpayer or his spouse & ndash; parents of two or more minor children (or children under 24 years old if they are studying full-time);
& bull; & nbsp; new housing must be purchased in the same calendar year in which the old one was sold or no later than April 30 next year.
If the property was purchased under an agreement on equity participation in construction, then full payment must be made within these terms under the agreement;
& bull; & nbsp; the total area of the premises or the cadastral value of the new housing must be more than the old one;
& bull; & nbsp; the cadastral value of the sold real estate must not exceed 50 million rubles;
& bull ; & nbsp; at the time of the sale of housing, the taxpayer and his children should not own another dwelling, the total area of which is more than 50% of the area of the acquired real estate. & nbsp;
When may the amendments enter into force?
The Ministry of Finance's document assumes that if the amendments are adopted, they will enter into force on the date of the official publication of the federal law and will apply to income received starting from 2021.
Who is now exempt from tax on the sale of real estate?
The current version of the Tax Code stipulates that those who have owned an apartment for more than five years should not pay a tax of 13% on income from the sale of a property (up to 2016 this period was three years).
In some cases, the tenure of a home is reduced to three years:
& bull; & nbsp; if the property was inherited or a gift agreement from a close relative;
& bull; & nbsp; if the property was transferred to property as a result of privatization and under a contract of lifelong maintenance with a dependent;
& bull; & nbsp; when selling a single home within 90 days from the date of purchase of new real estate (the rule is valid from 2020). & nbsp;
Source : & nbsp; https: //www.rbc.ru/economics/12/11/2021/618d22899a794717947a4533?