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A property owner converts a leased premises into seventeen storage units to sell to third parties. The DGT has ruled that this real estate development activity constitutes a business activity; therefore, the sale generates income from business activities instead of capital gains or losses.
Question posed: Classification of the income obtained from the sale of storage units for Personal Income Tax purposes.
Building promotion is an economic activity if there is an organization of means to produce or distribute goods, as occurs when allocating real estate for sale. Storage units are considered inventory and their transfer generates income from economic activities. The net income shall be determined under the direct estimation regime. The value of the premises for business use purposes shall be its acquisition value minus the fiscally deductible depreciation.
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