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The consultant asks whether the reinvestment exemption for habitual residence can be applied when selling a separated plot and using the funds to pay off a mortgage or carry out improvements. The DGT responds that it does not apply as no new property is acquired nor are the specific renovation requirements met.
Question posed: Whether the exemption for reinvestment in a primary residence under Article 38.1 of the Capital Gains Tax Law is applicable to the transfer of 50% of one of the two estates resulting from the segregation, when the amount obtained is used to cancel the mortgage charges encumbering the primary residence and, to the extent that there is a remainder, for improvement or rehabilitation works thereof.
The exemption requires that the amount obtained be reinvested in the acquisition of a new primary residence. It also allows for rehabilitation if the works meet specific subsidy requirements or the reconstruction of structures exceeding 25% of the value. In this case, as no new residence is acquired nor is it proven that the improvement works meet the legal requirements, the exemption is not applicable.
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