4.2.81 Keys 00518 and 00519 exemption from transfer of real estate (DA 6ª LIS)

According to the sixth Additional Provision of the LIS , positive income derived from the transfer of urban real estate that is considered a non-current asset or that has been classified as non-current assets held for sale and that was acquired for a fee from May 12, 2012 until December 31, 2012 will be exempt by 50 percent, without the amount of impairment losses relating to the real estate or the amounts corresponding to the reversal of excess amortization that has been tax deductible in relation to the recorded amortization forming part of the income entitled to the exemption.

Excluded from the application of this provision are cases of real estate acquired or transferred by persons or entities with certain corporate links (Article 42 of the Commercial Code) or kinship as indicated therein.

Taxpayers who are entitled to this exemption will exercise their enjoyment by including in key [00519] (decrease) 50 percent of the positive income derived from the transfer of the properties (not excluded from the application) referred to, without the impairment losses relating to such transferred properties forming part of said income, as well as the amounts corresponding to the reversal of the excess amortization that has been tax deductible in relation to the recorded amortization.