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Three siblings decide to extinguish the joint ownership of a plot of land by allocating it to one of them in exchange for cash compensation to the other two. The DGT responds that this distribution is not a simple division of the common property, but a transfer that generates capital results.
Question posed: Tax treatment in the Personal Income Tax of the described operation.
The division of the common property does not alter the composition of the assets if the allocations correspond to the ownership share. However, if it is agreed to allocate the asset to one of the parties while compensating the others in cash, an alteration of the assets occurs. In this case, the siblings receiving the money must declare a capital gain or loss for the transfer of their share of the plot.
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