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To cancel personal income tax when selling economy-class apartments is offered in Russia

To cancel personal income tax when selling economy-class apartments is offered in Russia
Photo: pixabay.com

The All-Russia People's Front (ONF) submitted an initiative to the Ministry of Construction and the Ministry of Economic Development and Trade with a proposal to cancel personal income tax for Russians who will sell economy-class apartments this year. Moreover, the seller will have to buy new housing in the same year.

According to information "Izvestia", Now when selling housing worth up to one million rubles, a person must pay 13% of personal income tax from the profit received from the transaction. It is calculated between the purchase and sale price of an apartment. If the housing has been owned for more than five years, then personal income tax will not be charged. The only exception is for inherited real estate.

Yana Glazunova, General Director of VSN Realty, noted that people are now rapidly growing their incomes, which means they need to improve their living conditions. Many people sell their first apartment after two or four years.

If you exempt from paying personal income tax when selling an economy-class apartment, there will be no large amount of lost tax revenues. As noted in the ONF, it is planned to provide benefits for apartments in the 10 percent price range of the standard of cost per sq. meters. The ONF believes that such measures will help stimulate the real estate market.

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