If you have purchased a property in Turkey and are looking to sell it, but concerned about the tax on the profit from selling a house in Turkey, you should know that there is no need to worry. As same as a Turkish citizen, even if you do not have a residency permit or citizenship card in Turkey, you can benefit from the legal tax exemption under Turkish income tax law. According to the current law, if the property is sold after 5 years from the time of purchase, it is exempt from capital gains tax.
However, if you have bought a property in Turkey less than 5 years ago, you can still benefit from tax exemption for a reasonable profit. To calculate the profit from the sale of your property, you need to enter the year and month of purchase and the amount paid in the relevant table, as well as the date and price agreed upon with the seller when selling your property.
Even if you plan to sell your property in the future, this system allows you to calculate your exemption approximately based on previous data by predicting inflation and reasonable profit rates. This system calculates the amount that includes tax exemption after calculating your profit and the amounts paid for expenses such as bank interest and deed transfer fees. After updating the purchase price, if part of the profit from the sale includes tax, it calculates the amount of the exemption.
You can sell your property without any concerns and with anticipation of your tax by considering your profit and loss. Here is an example to familiarize you with how to calculate and fill in the relevant table.
To access this system for calculating the amount of tax on property sales in Turkey, you can use this link or contact Propertyland consultants.
Summary of the description
According to the law, tax exemption for the sale of property in Turkey includes units that have been purchased for more than 5 years, but other units are also subject to tax exemption under certain conditions.
