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A taxpayer over 65 enquires whether the sale of a garage inherited together with their habitual residence is exempt from income tax. The DGT states that exemption is possible if the garage meets the conditions for assimilation to habitual residence.
Question posed: Whether the disposal of the aforementioned parking space is taxed under Personal Income Tax (IRPF) as a capital gain, or is exempt from taxation pursuant to Article 33.4.b) of the Personal Income Tax Law (LIRPF).
The transfer of a parking space generates a capital gain or loss. However, it may be exempt from taxation if the parking space meets the requirements to be assimilated to the concept of a primary residence. For such assimilation, it is necessary that the garage is located in the same building or real estate complex as the residence and that the acquisition of both occurred in the same transaction. Furthermore, it must maintain its status as a primary residence at the time of the transfer or during the two preceding years.
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