Inheritors have to pay some tax to the state for women with inheritance status. The revenue administration has prepared a detailed guide for heirs. In this guide, everything subject to tax is explained one by one. The answers to the questions what is the succession and inheritance tax and how it is calculated, which are in the minds of many individuals, are wondered.
According to the guide prepared by the revenue administration, items considered as family heirlooms such as swords, medals and paintings are strictly exempt from tax. However, there is a tax on the inheritance in Turkish Lira or Dollars or in Euros. The movable and immovable properties inherited by the heirs after the death of the person are subject to tax. All donations made while still alive with goods found in the country or abroad are subject to tax in the same way.
What is Succession and Inheritance Tax?
Succession and inheritance tax is a type of tax that occurs as a result of the transfer of goods belonging to individuals with the citizenship of the Republic of Turkey and the goods in Turkey from one person to another in any way by inheritance, that is, by inheritance or without a grant. The property of a person who is a citizen of Republic of Turkey with the same methods, regardless of whether he is in the country or abroad, is also subject to this tax.
What are the Exceptions in Succession and Inheritance Tax?
In terms of succession and inheritance tax, goods such as medals, paintings, which are accepted as family heirloom, especially household goods obtained by inheritance method:
-
As of 2020, 306.603 TL of the inheritance shares falling to each spouse and children and 613.582 TL of the inheritance share in case of only spouses (for relatives of martyrs, an exemption amount is provided several times more than these amounts. These figures increased with the year 2022)
-
7,060 TL if succession is given complimentary by grant method and bonuses won from gambling activities
-
All given or promised to be given
-
All traditional gifts and devices duly given
-
Salaries, lump-sum payments and bonuses granted to orphans and widows
-
Bonuses of retired citizens
Some exemptions provided by the Council of Ministers (it would be useful to give an example, the amounts distributed in terms of commercial license plate holders and all goods provided to foundations that have been granted tax exemption) constitute the most important exceptions.