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Gains Tax on Sale of Property


Sashabel

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My husband spoke to our Notaire yesterday to inform him we were selling our house, and he said that as we were asking less than 125000 euros, there would be no CGT to pay.  Not heard of this before.  Is he correct?  Would be lovely is he was!

Sasha

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Haven't heard of that either, though there is an exoneration from plus values if the selling price is 15,000€ or less. See http://www.paris.notaires.fr/art.php?cID=9&nID=547

Apart from the above point, it is the gain that gives rise to the tax rather than the selling price. Maybe the notaire meant that with the selling price you mention, after the various deductions (including the purchase price) and allowances, there would not be a big enough gain to pay tax? Of course if it is your principal residence (i.e. the house at which you are registered for income tax purposes in France) then no plus value will be payable.

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Yes, I fully understand how the gains tax system works and it is not our main residence.  However, he stated that as the price is under 125000 euros there would be no CGT.  It seemed very odd at the time as we hadn't heard anything about this either.
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