Does Capital Gains Tax Apply when selling my property in Turkey
If you are intending on selling your property in Turkey within five years of purchasing your property, you are liable to pay capital gains tax in Turkey.
If you purchased your property over 5 years and kept on your name full 5 years of period you will be exempt of taxation.
But, if you are involved in property trade ( meaning you keep buying and selling properties in Turkey, every year min. 1 property, and you have been doing it at least 2 adjecent years, that means you are property trader according to law, eventhough you were not legally registered property trader at the tax office in Turkey) capital gains tax apply.
The capital gains tax required is worked out as a percentage of the profit you made on the property.
In other words the difference between the figure declared on your title deed when you brought the property and the sales (agreed) price that will be declared at the Land Registry Office on completion of the sale.
So we reccomend to declare you the right amounth of figure when you buying your property even it is possible to declare less figure according to Local Councel valuations.
For more details you can contact us.