Tax Exemption for a Transfer Income tax on Farming and Fishing Housing.

         26^thApril 2017.

                       Written by Yoon, HyungSun.

                        Translated by Park, EunKyung.

Ⅰ. Outline

When one householder who has two housesincluding farming or fishing housing try to sell the farming or fishinghousing, tax exemption can be applied.

Ⅱ. Tax exemption for the farming or fishing housing according to the taxreduction and exemption control act.

1. Tax exemption condition.

 (1) The house acquiredfrom 1^st August 2003. (hometown housing 1^st Jan 2009)~ to31^st Dec 2017.

 (2) Retained periodof farming or fishing housing is over 3 years.

 (3) General housingshould be transfered.

   1) General housingshould be transfered before acquiring farming or fishing housing.

   2) It can beapplied even retained period of farming or fishing housing is not over 3 years.

 2. Scope of farmingor fishing housing in tax reduction and exemption control act.

  1) hometown housingis also included in farming or fishing house.

  2) within 660 m(2)

 3) Acquired house and land should not be over200 million. (registered Korean style house should not be over 400 million).

  4) The house should be located in Jechon cityetc.

Ⅲ. Taxexemption for the farming or fishing housing according to the income tax.

1. Taxexemption condition.

 (1) The farming or fishing housing should belocated outside of capital area.

 (2) General house should be transferred.

    If a urban to rural returners acquire farmingor fishing house, general house should be transferred within 5 years.

2.Farming or fishing housing in income tax.

 1) Description : Inherited house, Farminghouse, fishing house, a house acquired by a urban to rural returners.

 2) The scope of inherited house.

 The inherited person should live over 5 yearsafter acquiring date.