El property transfer tax It is a point of great importance for the citizens of the state when they acquire a good, given that it must be paid for within a period of time. Therefore, it is necessary to have correct knowledge about it, information that will be detailed in this article.
Tax to pay for the acquisition of a good
What is the Property Transfer Tax?
El property transfer tax (ITP) is an amount of money that each of the citizens must cancel in order to be able to weld with public expenses, this tax is given for three outstanding points, which are:
- Onerous property transfers
- Company-type transactions
- Judicial acts with documents
Therefore, the property transfer tax is responsible for taxing when the purchase of a good such as a house, a car or others is made, which also covers rents, aspects in relation to capital, judicial acts, deeds of a house, mortgages, and many other cases. This means that it is highly important to know the direct relationship that the ITP has with these goods.
for housing
As it was previously mentioned, the property transfer tax is totally related to the processes on some purchase or sale of housing, as well as with rentals, therefore it is necessary to know how it occurs in these cases. First of all, it is highlighted that the person who is acquiring the home or the property is the one who must pay the tax in a mandatory way.
Which means that when it comes to rent, the person who is exhibited as the tenant is the one who must make the payment. For these cases in relation to housing, the client interested in the property will be the person who will be directly highlighted as the one obliged to pay the property transfer tax.
Making the payment
This tax comes from the state, as noted above, the person who acquires the good is in charge of making the payment for it, for this he must know how the process is carried out. Considering that these taxes are directly related to autonomy, the person in charge must go to the delegation that is shown for the haciendas according to the community that corresponds to them.
When having the house, it must be known that there is at least thirty days to be able to carry out the payment, this is counted from the moment in which the purchase of the property is made and that all the documents are already in place. legal. Having all the documents signed, you can address the delegation within this period of time.
In relation to the payment that must be made, it is necessary to take into account the quantity or amount of the same, for this it is important to take into account the valuation of the asset, as well as being aware of the fees that are paid. Generally for these quotas, variations are highlighted depending on the community, because they are shown as those in charge of setting this value as well as related points such as bonuses, deductions, procedures, settlements.
To be able to make tax or other payments, different options are presented, we recommend you read about the Bank deposit
Encumbered operations
On the part of the ITP, it is highlighted that it is in charge of taxing various operations, which were named at the beginning of the information, these must be thoroughly detailed to easily understand how the process is. For this, the following points are considered:
- In the case of onerous property transfers, they are those that occur when an asset is transferred as onerous, in which it will not be necessary to pay VAT. When the purchase of a house, housing, is carried out, the payment of the tax is made when the cancellation is second-hand, generally these taxes are expressed between 4% to 10%, this varies according to the community in which it is already that deductions are also applied
- Company-type operations are directly related to capital, which can highlight a growth or decrease with respect to the social. These taxes are shown in the contributions made between partners, which are normally 1%.
- And the judicial acts with documents that are administrative to be able to formalize the process in the country, in addition they can also be notarial as commercial. In the event that you are abroad, it will also allow them to be valid in your country. This type of tax has variations in the same way, between a range of 0,5% to 1,5%
Calculation
A highly relevant point is about the ITP calculations. For this, it must be considered that these exhibit variations depending on the operations that are taxed, in which the location of the asset also influences. In the case of a sale of the property as it was named above, the same is applied when they are made second-hand.
Homebuying
Then the person who makes the purchase will be in charge of carrying out the payment of the tax, while the person who made the sale must take care of the income taxes since he obtained some profit from it. . In order to calculate the tax, the location of the home is considered because it influences sales, in certain cases there is some reduction but it varies due to influencing factors.
Rent a house
In the case of a rental, the payment is made after signing the documents to conclude the process, then it will be necessary to know the tax base, this will influence both the duration of the contract and the amount of rent that is paid per month.
Vehicular
In relation to the vehicles, the market value must be taken into account, which is based on applying the percentage that is a minor, taking into account the time of the car as well as its value. Then, to the market value obtained, the percentage must be applied according to the community in which it is found, therefore, they normally have variation.
Exchanges
The ITP is regulated by various regulations regarding judicial acts, among them it is shown that currently in the case of loans, the banking entities are the ones in charge, the client does not take action regarding this case, but must make payments only according to the mortgage rate.
So when a person carries out some type of transfer of an asset or a change of rights is highlighted, the ITP acts in these cases as a tax in relation to various operations as mentioned above. It will also be required to know how the value of this tax is calculated and how the payment process is, since there is a period of time for the person to carry out this action correctly.
In the economic field there are many situations that can arise, such as having debts, for them it is important to consider that it is possible to face them with the possession of an asset, such as a home. If you are interested in this, we recommend you read about Settlement