Do we owe taxes when selling a property

There is also an exception such as:

• Income derived from the sale or exchange of immovable property is exempt from tax if more than three years have elapsed between the date of acquisition and the date of sale when the residential property receives Act 16.
• Income from the sale of up to two properties in the same calendar year if more than 5 years have elapsed between the date of acquisition and the date of sale. The use of the properties is not limited in this respect.
• In the case of agricultural and forestry property, the income is not taxable, regardless of the number of sales, if 5 years have elapsed since the purchase.
• Income from the sale of property acquired by inheritance.

When the property is between spouses both declare separately their income from the sale of their respective part of the property and pay the proportionate tax due.

Taxes on rental income.

The annual income tax return for individuals is due by 30 April.

When the tenant is an individual, this income is declared and paid by the landlord on a quarterly basis. For the last quarter, the income is declared with an annual tax return, where various tax reliefs may also be available.

How is a tax return filed?

Filing the return can be done electronically through the NRA. For this purpose, you need to be issued with a PIN code by the NRA.

Any individual who is not self-insured can also file  annual tax return on the spot at the respective NRA office at his/her permanent address.