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A taxpayer inquired whether the exemption for selling a primary residence upon turning 65 applies to both the 90% bare ownership and the 10% life usufruct. The Directorate General of Taxes (DGT) ruled that the exemption only applies to the full ownership portion, not to the usufruct.
Question raised 1. Whether, in the event of a sale, the exemption provided for in Article 33.4.b) of the LIRPF applies both to the capital gain corresponding to 90 percent of the full ownership of the dwelling and to that corresponding to 10 percent of the life usufruct.
Tax benefits for primary residence are linked to the ownership of full ownership, even if shared. When full ownership is dismembered, the exemption for persons over 65 does not apply to the usufructuary. Therefore, if a portion of the usufruct is transferred, the corresponding capital gain shall not be exempt. In this case, the exemption only applies to the 90% of full ownership and not to the 10% of the usufruct.
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