14 of April. The initiative to change the procedure of taxation of revenues from home sales were made by the Ministry of Finance of the Russian Federation. Vladimir Putin supported the initiative and endorsed the scheme, which was proposed by the Ministry of Finance.
Details of future changes will still be refined, but in General the President with the approach agreed.
Now from tax exempt revenue (in full) from the sale of the dwelling if the owner owned the property for more than three years. If the period of ownership below 1 million rubles or the cost of acquisition of real estate.
In the previous year, the Finance Ministry has proposed changing the approach to taxation. The Finance Ministry has proposed to distinguish between people who sell the only housing and those who make money from the sale of real estate.
The Ministry of Finance has proposed to exempt the income from the sale of the only housing from tax irrespective of ownership period. It is also proposed to exempt from income tax the sale of cottages in the case, if the cottage is a house area of 50 sq m in the garden Association.
The sale of second homes will be subject to taxation. While there are several options. If purchased new apartment and after its acquisition sold by housing, which was the only thing then to pay personal income tax is not necessary. In other cases, sellers will have the right to receive the benefit, if owned this apartment for more than three years, and the cost of the apartment was less than 5 million rubles. The regions will have the right to restrict the exemption by increasing the tenure to 10 years and reducing the marginal cost (to be able to reduce to zero).
However, a final decision at this meeting were not accepted. Vladimir Putin approved the proposals.
The President also agreed with the necessity of levying tax on the cadastral value and not that stated in the contract. There remained the question of who should pay the tax: the buyer (with the benefits of low cost flats) or the seller (with the difference between the cadastral value and purchase price).
