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An individual over 65 enquired whether they could apply for an Income Tax (IRPF) exemption when donating shares in a real estate company to their daughters. The Directorate General for Taxes (DGT) ruled that this is possible provided the requirements of the Inheritance and Gift Tax (ISD) Law and the Wealth Tax exemption are satisfied.
Question posed: Application of the exemption provided for in Article 33.3.c) of the Personal Income Tax Law and the reduction provided for in Article 20.6 of Law 29/1987, of December 18, on Inheritance and Gift Tax.
In order for there to be no capital gain or loss for Personal Income Tax (IRPF) purposes arising from the transfer of shares, the requirements of Article 20.6 of Law 29/1987 must be met. It is a necessary, although not sufficient, condition to comply with the exemption from Wealth Tax under Article 4.Eight.Two of Law 19/1991. The application of the reduction in Inheritance and Gift Tax (ISD) is irrelevant to the exemption in IRPF, provided that the requirements of the aforementioned inheritance law are met. For the leasing of real estate to constitute an economic activity for IRPF purposes, there must be at least one employee with a full-time employment contract.
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