Partial tax exemption on economic earnings arisen on the occasion of the transmission of urban properties in Spain

01 Jun Partial tax exemption on economic earnings arisen on the occasion of the transmission of urban properties in Spain

Economic earnings arisen on the occasion of the transmission of urban properties acquired (for a price) from May 5th, 2012 and until Dec 31, 2012 are declared 50% exempt in income tax. This exemption is not applicable when the property has been acquired or transmitted between spouses, any person attached to the taxpayer by kinship, straight or collateral consanguinity or affinity up to the second degree inclusive, or acquired or transmitted from/to  entities with which the taxpayer or any of the above mentioned persons, have direct or indirect control.