Notification of exempt income from the sale of real estate used for own housing purposes

Under the Income Tax Act, income from the sale of, for example, a family house or a flat can currently be tax-exempt if the seller uses the received financial means for the acquisition of his or her own housing. In order to obtain this tax exemption, the physical person concerned has to submit a notification of exempt income to his or her local financial office by the deadline for filing his or her tax return. The exemption cannot be claimed if this condition is not met.

The amendment mitigates this condition. The notification must be submitted but if the person does not submit it, the exemption still can be claimed; however, a fine will be imposed for failure to fulfil obligations of a non-monetary nature.