T
tamhidd
New Member
I was wondering if anyone could tell me if i am liable for any tax payment issues once my apartment has been sold in Turkey. I expect the cash to be transferrred to my uk bank account within a week. Thanks
S
Steve Hand
New Member
If you have had the property for 5 years plus, these is no capital gains tax.
If less than 5 years, tax is paid only on the gain, i.e, the difference between the purchase price and the (inflation adjusted) selling price. However, the first 7,600 TL of any gain is exempt from taxation (Taxation is based on Personal Income Tax rates that apply at the time of the sale - base rate is currently 15%).
Hope this helps.
If less than 5 years, tax is paid only on the gain, i.e, the difference between the purchase price and the (inflation adjusted) selling price. However, the first 7,600 TL of any gain is exempt from taxation (Taxation is based on Personal Income Tax rates that apply at the time of the sale - base rate is currently 15%).
Hope this helps.
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