The Inland Revenue Department has clarified the issue of tax exemption.

குடியிருப்புச் சொத்து அல்லது தனிப்பட்ட வாகனங்களை விற்கும்போது வரி விலக்கு பெறுவது எப்படி என்பது குறித்து உள்நாட்டு இறைவரித் திணைக்களம் விளக்கமளித்துள்ளது. அதன் பிரகாரம், சில நிபந்தனைகள் பூர்த்தி செய்யப்பட்டால் தங்கள் குடியிருப்புச் சொத்து அல்லது தனிப்பட்ட வாகனங்களை விற்கும் மக்க…

The Inland Revenue Department has clarified how to claim tax exemption when selling residential property or personal vehicles.

Accordingly, the Inland Revenue Department has stated that people selling their residential property or personal vehicles can now sell them without paying tax if certain conditions are met.

Previous taxation system In the case of residential properties, sellers are granted tax exemption if they have had legal ownership for at least three years before the sale and have lived in the property for more than two years during that period. If these conditions are met, the entire amount received from the sale will not be taxed.

There is also a tax exemption on the transfer of property to family members or children. It has also been announced that the tax will only apply when selling to a third party. Under the amended law, the previous tax system for the sale of vehicles has been abolished.

The Inland Revenue Department has clarified that this tax exemption applies only to personal vehicles and the entire profit from the sale will not be included in the tax levy.

The Inland Revenue Department stated that this practice will be implemented from April 1, 2024, and that the sale of private vehicles will be completely tax-exempt, regardless of the age, condition or model of the vehicle.