According to Article 80 of the Income Tax Law, those who dispose of their house, other than inheritance and gift, within 5 years from the date of purchase, must pay the tax on the increase in real estate value.

Those who misrepresent the sale value of their home in the bill of sale in order to pay less tax may face high taxes.

In addition to the unpaid missing sums, heavy fines await those who make undue declarations in the title deed.

Market expert İbrahim Çolak, Noting that the low selling price of real estate presents a risk for both owners and potential buyers, “Those who make false declarations to reduce property value tax are liable to pay the missing taxes when detected, but are also subject to heavy fines. After the penalties associated with under-declaring the sale price and paying a low title fee, more accurate prices began to be declared in the title deed. This situation has increased the value of the houses in the title deed. Those who show low value when buying their house, when they resell their house after 5 years, show the real value, it seems that they have made a lot of profit because of the difference in purchase and sale. However, due to this high profit, the tax amounts paid are also multiplied. Potential buyers, on the other hand, may have to pay higher income tax when they want to sell their home in the future.

900 PERCENT MORE TAXES

Çolak said that selling the house purchased with false declaration in the next period, based on the true declaration, could cause the owners of the houses to lose more than TL 50,000.If an owner declares the value of the house he bought for 350,000 TL in January 2018 as 200,000 TL in the deed of sale, when he puts his house up for sale 4 years later in January 2022, this time he declares the real value of 900,000 TL, which is 53,000. May have to pay tax on the gain of increase in value TL. However, if the actual price was declared as 350,000 TL when buying the house, only 6,000 TL would be paid. The difference is almost 900%. In order to avoid such situations, it is absolutely necessary to declare the title deed fees on the purchase price of the house.

PAYMENTS WILL BE MADE IN 2 INSTALLMENTS IN 2023

Stating that a declaration must be submitted no later than March 31, 2023 for properties sold this year, Çolak said: “Following the declaration they submitted to the tax office, they will be able to make their payments in 2 equal installments in March and July 2023. Real income is taken into account in determining the Tax on the Increase in Immovable Value. By calculating the difference between the purchase and sale value of the house, which is adjusted for inflation, we find the real income obtained independently of inflation. The amount of the exemption announced each year, the right of ownership paid at the time of the purchase and the sum of the interests paid until the sale of the mortgage, if it is used, are deducted from this income. There is therefore a “taxable amount”. Tax brackets are applied to this amount. Payment can be made on the website of the tax authority or at the tax offices.

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