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A person over 65 enquires whether the donation of the bare ownership of part of their main residence is exempt from Personal Income Tax (IRPF). The Directorate General of Taxes (DGT) rules that the exemption applies if the property has served as the main residence for at least three continuous years.
Question posed: Whether the exemption provided for in Article 33.4.b) of the Personal Income Tax Act (LIRPF) would apply to the capital gain that may arise from the donation to their son of the bare ownership of the one-third share of which they are the owner of the property in which they have resided since 01/01/2020.
The donation of bare ownership of a share in a property generates a capital gain or loss. However, the exemption for persons over 65 years of age applies if the building constitutes the taxpayer's habitual residence, understood as the residence for a continuous period of at least three years. If both requirements are met, the exemption under the Personal Income Tax Act (LIRPF) applies to the capital gain derived from the donation of the bare ownership of said share.
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