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A query is made as to whether the bare ownership of urban real estate can be excluded from the limit on the total liability of the Wealth Tax. The DGT responds that, as these are assets capable of producing income for Personal Income Tax purposes, their exclusion is not applicable.
Question posed: Treatment of the bare ownership of the aforementioned urban real estate for the purposes of applying the limit provided in Article 31 of Law 19/1991, of June 6, on Wealth Tax, understanding that these are assets capable of producing income for Personal Income Tax purposes.
The exclusion from the total liability limit only applies to assets which, by their nature or purpose, are not capable of producing taxable income for Personal Income Tax purposes. This classification is based on general categories of assets and not on the actual generation of income. The nature of the right (full ownership, usufruct, or bare ownership) is irrelevant if the asset itself is capable of generating income.
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