Purchase of specific residential property

1. Special replacement for specific residential property – System before revision in Heisei 24

A special replacement exemption for specific residential property means that an individual replaces a specific residential property and when it meets the following requirements, it is taxable by taking over the acquisition price by choosing a special deduction of 30 million yen The deferral of the system is permitted. .

Requirements for Specific Residential Property – Assigned Asset

1. The transferor’s residence period is 10 years or more.

2. The amount of consideration for transfer of transferred assets shall be 200 million yen or less.

3. In the case where the transfer of the right existing on the house or land or land which was used for residence together with the transferred asset within the preceding three years is added, the consideration for the transfer of the transferred asset by adding the transfer amount The amount of less than 200 million yen.

4. In the case where the transfer of the right existing on the house or land or land which has been provided for residence together with the transferred asset within the following three years, the amount of consideration relating to the transfer of the transferred asset by adding the transfer amount Is less than 200 million yen. In the event that it goes beyond the line of 200 million yen or less, you must pay income tax by making a correction declaration.

5. 3.4. If both are compatible, the total amount of all will be used as the basis for the calculation.

* Within the previous 3 years, within 3 years after is the period to which the transferred date belongs or the previous year (the following year) or the year before (the next year).

Requirements corresponding to specific residential property – Purchased assets

1. For houses the floor area must be 50 square meters or more.

2. Regarding land, the area shall be 500 square meters or less.

2. Special replacement for specific residential property – Contents of revision in Heisei 24

It is amended as follows, its application deadline is extended by two years, it will be December 31, 2013. Application of revision applies to assignment of specific residential property to be done after January 1, 2012.

Revision of Special Provisions for Replacement of Specified Business Assets

1. 2. Assignment requirement 2. The place which was less than 200 million yen becomes 150 million yen or less.

2. Requirement for transfer 3. The place which was less than 200 million yen becomes 150 million yen or less.

3. 4 of the assignment requirement. The place which was less than 200 million yen becomes 150 million yen or less.

* If you would like to know more about replacement exemption for specific residential property, please check with the tax authority’s HP.

Please do not hesitate to consult about gift tax declaration and inheritance tax declaration