Having decided to sell your apartment or car, you need to take care of finding not only a reliable buyer, but also your obligations to the state. In particular, for the payment of property income tax. What is it and who should pay such a tax.The income from the increase in value arises when the following property is sold:
dwellings, suburban buildings, garages, personal subsidiary facilities, motor vehicles and trailers located on the territory of the Republic of Kazakhstan on the right of ownership for less than a year from the date of registration of the right of ownership, securities, derivative financial instruments, etc.
It should be noted that the income from the increase in value when selling such property is the positive difference between the sale price of the property and the purchase price.
Let's consider one of the most frequently arising questions about the property received free of charge by individuals.
According to the gift agreement, one party (the donor) transfers an apartment to the other party (the donee) for free.
In turn, the gifted person will sell this apartment within a year. Since the property is transferred free of charge under the gift agreement, the value of the received property is zero.
In this case, the income from the increase in value is the positive difference between the price (cost) of the sale of the apartment and the estimated value. At the same time, the estimated value is the value determined for the calculation of property tax by the State Corporation "Government for Citizens", as of January 1 of the year in which the ownership right to the sold property arose.
I would like to note that in the case of the sale of dwellings, suburban buildings, garages, personal subsidiary facilities, motor vehicles and trailers located on the territory of the Republic of Kazakhstan on the right of ownership for less than a year from the date of registration of the right of ownership received in the form of inheritance, the income from the increase in value is a positive difference between the price (cost) of the sale of property and the market value of the property being sold on the date of the ownership right.
At the same time, such a market value must be determined by the taxpayer no later than the deadline set for submitting an individual income tax declaration for the tax period in which such property was sold.
The market value is the value determined in the evaluation report carried out under the agreement between the appraiser and the taxpayer in accordance with the legislation of the Republic of Kazakhstan on evaluation activities.
The received income from the increase in value is subject to declaration and taxation at the rate of 10%. A taxpayer has an obligation to submit an individual income tax declaration (f. 240. 00) to the tax authority at the place of residence no later than March 31 of the year following the reporting tax period, as well as to pay tax no later than April 10 of the year following the reporting tax period.
As for the taxation of foreign citizens who sell property located on the territory of the Republic of Kazakhstan and subject to state registration in accordance with the laws of the Republic of Kazakhstan, regardless of the period of registration of ownership rights (less than or more than a year), income from value gains on sale is subject to individual income tax at the rate of 15%.
An individual income tax declaration can be submitted to the appropriate tax authorities at your choice:
- in person - on paper, including through the State Corporation "Government for Citizens";
-by registered mail with a notification - on paper;
- in an electronic form that allows computer processing of information.
The individual income tax declaration form, as well as the rules for filling it out, can be found on the Internet resource of the State Revenue Committee of the Ministry of Finance of the Republic of Kazakhstan http://kgd.gov.kz in the section «legislation»- «tax reporting forms».