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Practical manual for Income Tax 2021.

For the first acquisition of their habitual residence by taxpayers aged 35 or under

Regulations: Art. 4.One.k) Law 13/1997, of December 23, regulating the autonomous section of the Personal Income Tax and other transferred taxes, of the Valencian Community.

Amount of deduction

5 percent of the amounts paid during the tax period for the first acquisition of their habitual residence by taxpayers aged 35 or under , with the exception of the portion of said amounts that correspond to interest.

For these purposes, in accordance with the state regulations governing personal income tax, the construction or extension of the same is considered to be the acquisition of a primary residence.

Requirements and other conditions for the application of the deduction

In addition to the requirements established in general terms in state regulations that regulate the deduction for investment in habitual housing, the following must also be met to apply this regional deduction:

  • That this is the first acquisition of your habitual residence .

  • The concepts of habitual residence and its acquisition are those included in the state regulations governing IRPF .

  • That the age of the taxpayer , on the date of accrual of the tax (normally, December 31), is equal to or less than 35 years.

  • That the sum of the general tax base and the savings tax base , boxes [0435] and [0460] of the declaration, is not greater than 15,817.20 euros , equivalent to twice the public indicator of multiple effects income (IPREM), both in individual taxation and in joint taxation.

  • In joint taxation , only taxpayers who are part of the family unit and who, having paid amounts entitled to it, individually meet the requirements indicated above will be entitled to this deduction, although the limit of 15,817.20 euros will refer to joint taxation.

  • The application of the deduction is conditional on the delivery of the monetary amounts derived from the act or legal transaction gives the right to its application being made by credit or debit card, bank transfer, personal check or deposit into accounts in credit .

    Note: This requirement is established by Additional Provision Sixteen of Law 13/1997, of December 23, which regulates the autonomous section of the IRPF and other transferred taxes.

  • It is required that the verified amount of the taxpayer's assets at the end of the tax period exceeds the value shown by its verification at the beginning of the same by at least the amount of the investments made.

    For these purposes, increases or decreases in value experienced during the aforementioned tax period by assets that at the end of the period continue to form part of the taxpayer's assets will not be computed.

    See Chapter 16 for verification of the assets situation .

Compatibility

This deduction is compatible with the deduction "For the acquisition of habitual housing by persons with disabilities" and with the deduction "For obtaining income derived from housing rentals, the rent of which does not exceed the reference price for private rentals in the Valencian Community."

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