The law, on payment of the personal income tax from realization of real estate is signed

On November 30 the Russian President signed the law on the basis of which the income from realization of the real estate which was in property more than 5 years, but not the 3rd as it was earlier will be exempted from payment of the personal income tax.
For those who owns the real estate received as a gift or inheritance, during privatization or transfer under the contract of the lifelong contents with dependence, the exception will work. These categories of people are exempted from payment of a tax on the income from realization of real estate if it was in their property more than 3 years, i.e. on them changes don't extend.
Amendments which initiator was a chairman of committee on the budget and taxes A. Makarov, will come into force only in 2016.
In case the term of seizing doesn't reach 3 years, it is necessary to pay the personal income tax, but the law provided the options allowing to reduce its sum. The tax is paid not from the income from realization of housing, and from the difference formed between the income from realization and an expense on purchase, but for this purpose it is necessary to have documentary confirmation. The second option consists in reduction of the income
from realization on a tax deduction and payments of a tax on the remained sum.
We will note that to reduce the tax sum by reduction of an amount of transaction in the contract, it will become more difficult. According to amendments, when obtaining the income from property sale smaller the cadastral cost of this object and increased by decreasing coefficient 0,7, it is necessary to pay the personal income tax all the same from the income of such size.
In addition, territorial subjects of the Russian Federation will have a right to reduce the minimum term of seizing to zero, as well as decreasing coefficient to its cadastral cost.
How innovations will be reflected in ordinary citizens who aren't interested in resale of housing, and only want to improve accommodation conditions? Perhaps, the young families which bought initially housing of the small area and specially expecting 3 years to get the apartment, big on the area, will suffer, and thus not to pay taxes.
Experts consider that development of the market of rent of housing is in this situation possible. Buyers will look for real estate, with the purpose to live in it 5 years, and for the period of search it will be more convenient to them to rent housing. According to participants of the market, in connection with innovations the prices of secondary real estate can rise and raise demand for new buildings.