TAXATION OF REAL ESTATE PURCHASE AND SALE AND RENT INCOMES

Abstract

In Article 28 of Civil Law, the process starting at the full and live birth of child lasting until the registration of death or court
decree about death in the civil registry is defined as personality. Rule of law accords some rights to persons during this process
as secured with some legal regulations. A Property right is one of these rights accorded and secured to a person by rule of law.
As per Article 35 of 1982 Constitution, everyone has the rights of property and succession and it is not possible to restrict or
exercise this right for any purpose other than the public benefit or as against public benefit. Furthermore, a person owning
something has the right to dispose of the property in a legal and pecuniary sense. In other words, a person may use his property,
benefit from it and even may dispose of it as he wishes, provided that it is not contrary to the process of law. A person may
own a property and rights which are the subjects of his movable or immovable ownership. Term of immovable property is used
for properties that are not possible to be moved from one place to another generally and is clarified by the concept of real estate
in tax law. Concept of real estate encompasses some movable properties as well, in addition to properties that are the subjects
of immovable ownership provided by Civil Law. A person may establish the right of property on real estates for various
purposes, including sheltering primarily, generating an income or making a living. Generated incomes bring along some direct
or indirect liabilities, and regulations on this issue are ensured by primarily Income Tax Law and other tax laws. In this study,
the concept of real estate, which is the subject of the right of property, was defined and subsequently, the provisions on taxation
of generated incomes were unclosed by using examples and solution suggestions were brought forward for the emerging
issues.