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Capital Gains Tax | Áurea Inmobiliaria – Real Estate Agency in Los Alcazares

Capital Gains Tax | Áurea Inmobiliaria – Real Estate Agency in Los Alcazares

DO YOU KNOW WHAT CAPITAL GAINS TAX IS?

Today we are going to explain something that is not new, but it is difficult to understand. We are talking about CAPITAL GAINS TAX but, what does it exactly mean? According to the Royal Spanish Academy (RAE), Capital Gains Tax is the growth of the value of a property for external reasons, that is, the growth that needs to be applied when you sell a property.

WHO MUST PAY THE CAPITAL GAINS TAX?

The Capital Gains Tax must be paid by the vendor once the property has been sold to somebody else. However, if the property has been donated or inherited, the beneficiary must be paid this tax to the local government of the city where the property is located. Besides, there are 30 working days to pay this tax once this property has been transmitted.

ARE THERE EXCEPTIONS?

It is important to highlight that there are some cases when the Capital Gains Tax does not have to be paid:

  • When the property is transmitted from a consort to the other or one of their descendants.
  • When a spouse gives their properties to the marriage.

Besides, associations as Red Cross or any other charity associations or the autonomous communities do not have to paid this tax.

HOW IS IT CALCULATED?

In order to calculate the Capital Gains Tax it is very important to have the following details:

  • The cadastral value of the ground, which can be found on the IBI receipt.
  • How many years are between the acquisition of the property until the date of the transfer.
  • The fiscal ordenance.

With all these elements, the local government of the city where the property is located can calculate how much the citizen must be paid. An important information that is taken into acount is the number of year. The more years the citizen has the property, the more they will have to pay.

In order to finish this article, we would like to tell you that the Spanish Constitutional Tribunal is starting to change this law, and even some Capital Gains Taxes have been cancelled and some local governments had to give that money back.

If you have any doubt about the Capital Gains Tax, do not hesitate to contact our Real Estate Agency in Los Alcazares, we will help you with any question you have. In our Real Estate Agency in Los Alcazares, we have many properties for sale in Murcia

 

SOURCES:

Cinco días

iAbogados

Definicion.de

Debitoor

Real Academia Española

Fotocasa

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Áurea Inmobiliaria

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