If the owner had purchased an apartment, and after six months he decided to sell it at a greater sale price, then it is required to pay individual income tax (IIT).
In this material, we will consider who should pay the tax imposed on the difference in the cost value of the apartment when buying and selling it? When and how to pay the income from the sale of an apartment?
For the natural persons the property income arises if there is an increase in the property selling price (apartment, housing, summer cottages, land plots for individual housing construction, garden plots, personal subsidiary plots, garages), exclusively owned for less than 12 months (1 year) from the date of registration of ownership on such objects.
In addition, the property income is the difference that arises from the sale of property received free of charge, including under a donation agreement.
When selling commercial objects or land plots intended for the construction of commercial objects, the property income in the form of an increase in the cost value arises regardless of the period of ownership of the property.
If the owner sells the apartment, then he pays the property tax from the beginning of the year to the beginning of the month in which he sold the property. In turn, the new owner pays, starting from the month in which he acquired the housing, garage or summer house.
For example: the owner sold the apartment on June 10 of the year, he pays the tax amount for the period from January 1 to June of the current year, and the new owner pays for the period from June to the end of the year.
According to the Code "On Administrative Offenses of the Republic of Kazakhstan", in the case of late submission of form 240 declaration, a notification is sent to the natural person from the public revenue authorities.
There is no a fine charged for the first time, a warning is issued. For the non-submission of tax reporting to the tax authority, within a year after the imposition of an administrative penalty, in the case of a repeated offense, an administrative fine will be imposed (15 MCI).
If you fail to pay for the first time, you will receive a warning and you must pay a late payment fee and the tax itself. You can calculate the late payment fee using a calculator on the Public Revenue Committee website.
The calculation of the IIT from such income is made by the natural person separately at the rate of 10% and is payable no later than April 10 of the year following the year in which such income was received.
The IIT declaration (form 240.00) must be submitted to the public revenue authorities at the place of residence or registration no later than March 31 of the year following the year in which the property income was received.
If the income was received in the year of 2023, then the tax declaration is submitted no later than March 31, 2024, the income tax is paid no later than April 10, 2024.
For example: if an apartment was bought for 14 million tenge, and sold six months later for 17 million tenge, the income from the increase in the cost value will be 3 million tenge, which is subject to 10% individual income tax - 300 thousand tenge. That is, 300,000 tenge (10%) must be paid as individual income tax.
When you receive the income, you file a 240 Form declaration. The natural persons can submit hard copy declaration to the tax authority at the location (residence) and in electronic form through the mobile application "e - Salyq Azamat” (download on AppStore and PlayMarket) or the Taxpayer's Personal Account on the web – portal cabinet.salyk.kz using EDS.
The one can pay the IIT (individual income tax) from the property income using applications in the second-tier banks, for example: Kaspi.kz and Halyk.
If you pay the IIT on time, then choose the "current period".
If you pay later than the due date, then select "Debts of past years".