gain that is realized from the sale of the house falls into the category of "other income" and is' therefore subject to taxation. fact, when the sale of the house leads to a higher value, equivalent to a positive difference between the consideration received in the tax period and the purchase price or construction cost of goods sold, plus the costs of the assets, a value is realized.
This value, when it derives from a transfer for consideration of a house purchased or constructed from no more 'than 5 years, is regarded as one of the income of the category "other income" and, as such, is subject to taxation at ordinary income tax rates.
exception to this rule:
• real estate received by inheritance;
• those received in the donation, though, with reference to the person who donated the property, five years have elapsed from the purchase or construction of the same; •
urban real estate units for most of the period between the purchase (or construction) and the sale have been used as a main residence of the transferor or his family. In
taxation of these gains, since 2006 has been introduced an alternative to the existing one.
fact, the seller now has the power to request from the sale with the notary statement, which is applied on capital gains tax in lieu of tax on income.
on capital gains disposals carried out until October 2, 2006, applied the rate of 12.5%.
Decree-Law No 262, 3 October 2006 has increased the rate to 20%.
The notary himself will provide the application and the payment of the substitute and received payment for them immediately from the seller, and notify the Inland Revenue data on the transaction.
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