Gee, they must be selling parkas in hell right about now.
[REGNUM] The bill, which exempts transactions for the sale of inherited real estate from personal income tax, was submitted to the State Duma by deputies from the Liberal Democratic Party, headed by Leonid Slutsky and Yaroslav Nilov, a REGNUM correspondent reports on May 19.
Amendments to the Tax Code propose to establish that income from the sale of a real estate object is exempt from taxation, regardless of the period of ownership of the sold property by the taxpayer, provided that its cadastral value does not exceed 20 million rubles.
At the same time, it is proposed to prescribe that for a real estate object received by a taxpayer by way of inheritance, the cadastral value of which upon sale exceeds 20 million rubles, a minimum three-year holding period is retained to exempt from personal income tax the taxpayer's income received from the sale of this real estate object.
The authors drew attention to the fact that upon receipt by inheritance from a family member or close relative of an object of immovable property in the form of an apartment, residential building, part of an apartment or residential building, a share in the ownership of these residential premises, the heir, for various reasons, needs to quickly sell the specified real estate, especially if it is located in another region of Russia.