Cyprus Property Forum for Buyers, Sellers & Investors

Hello.
I wish to transfer my apartment to my dougther,as a present.
How much will be the gain tax(if any) for her to pay if she sell the property?
Thank you.
Ofer

Hello Ofer

I assume that you're gifting your apartment to your daughter?

When she sells the apartment, Capital Gains Tax will be calculated on what you paid for the apartment and the price your daughter sells it for - less allowable expenses and adjustment for inflation.

Regards

Many many thx.clear

Thank you .

Nigel Howarth wrote: 21 May 2024 16:03 Capital Gains Tax will be calculated on what you paid for the apartment and the price your daughter sells it for - less allowable expenses and adjustment for inflation.

If you buy land and build a house, would it then be price of land + price of construction cost? So you actually have to keep those records for (possibly) decades around until you sell? What happens if they're lost?
Anyhow, it's very reasonable of them to take into account inflation, most other jurisdiction don't.

tom.want wrote: 21 May 2024 22:53If you buy land and build a house, would it then be price of land + price of construction cost?

Yes

tom.want wrote: 21 May 2024 22:53So you actually have to keep those records for (possibly) decades around until you sell?

Yes. (We've had our for more than 30 years.)

tom.want wrote: 21 May 2024 22:53What happens if they're lost?

If you're stupid enough to lose them, you're stuffed!

Nigel Howarth wrote: 22 May 2024 08:54 If you're stupid enough to lose them, you're stuffed!

In that case, I'll just make sure to die on my plot of land and let me successors deal with it.