8.2.6.2.4. Capital gains and losses arising from transfers of other assets

This section shall include capital gains and losses (not arising from Collective Investment Institutions or prizes, or from shares admitted to trading on official markets, which must be declared in the previous sections), which become apparent on the occasion of transfers of assets or improvements made to them.

Exemption for reinvestment in primary residence

When the capital gain derives from the transfer of the taxpayer's habitual residence and the reinvestment exemption (totally or partially) is applicable to it, the data required in this section must be completed.

Capital gains arising from the transfer of the taxpayer's habitual residence may be exempt when the total amount of the transfer value is reinvested in the acquisition or renovation of a new residence, under the conditions indicated below. For these purposes, it will be understood that the taxpayer is transferring his or her habitual residence when it constitutes his or her habitual residence at that time or had been considered as such until any day of the two years prior to the date of transfer.

When the taxpayer used external financing to acquire the transferred property, the total amount obtained will be considered, exclusively for these purposes, as the result of reducing the transfer value by the principal of the loan that is pending amortization at the time of the transfer.

Amounts obtained from the sale that are used to pay the price of a new habitual residence that was acquired within the two years prior to the sale will also be eligible for the exemption for reinvestment.

Deadline for reinvestment

The reinvestment of the amount obtained from the sale must be carried out, in one go or successively, over a period of no more than two years.

The reinvestment will be deemed to be carried out within the term when the sale was made in installments or with a deferred price, provided that the amount of the installments is used for the indicated purpose within the tax period in which they are received.

When, in accordance with the provisions of the preceding paragraphs, the reinvestment is not carried out in the same year of the sale, the taxpayer will be obliged to state in the tax return for the year in which the capital gain is obtained his intention to reinvest under the conditions and time periods indicated.

Partial reinvestment

In the event that the amount of the reinvestment is less than the total amount of the transfer value, only the proportional part of the capital gain corresponding to the amount actually invested under the conditions of this article will be excluded from taxation.

Non-compliance with conditions

Failure to comply with any of the conditions set forth in this article will result in the taxation of the corresponding portion of the capital gain.

In such case, the taxpayer will impute the non-exempt part of the capital gain to the year in which it was obtained, filing a supplementary return-settlement, including late payment interest, and will file it within the period between the date on which the non-compliance occurs and the end of the regulatory period for the return corresponding to the tax period in which said non-compliance occurs.