Selling a property can generate capital gains, but there are situations in which you may be exempt from paying tax on these gains.

1. Reinvestment in Own Permanent Housing:

If you sell your permanent home and use the sale proceeds to buy another permanent home or building plot for that purpose, you may be exempt from paying capital gains. However, it is important to reinvest the full amount of the sale (deducting only any loans taken out to purchase the property) and the purchase of the new home or land must be made between 24 months before and 36 months after the sale. In addition, the property sold must have been their own permanent home for the last 24 months.

2. Selling a Second Home to Repay a Mortgage:

Another situation that may give rise to an exemption from capital gains tax is the sale of building land or second homes, provided that the sale proceeds are used to repay the seller's or their descendants' credit for their own permanent home. If the value of the sale is greater than the outstanding principal of the home loan, only the remaining amount will be subject to taxation.

3. Sale of Residential Property to the State:

The sale of residential property to the State, to public corporate entities in the housing area or to local authorities may also be exempt from capital gains tax. This exemption applies to both permanent and secondary housing.

4. Exemption for Properties Acquired before 1989:

Property purchased before 1989 is exempt from paying capital gains. Likewise, building land acquired before June 9, 1965 also benefits from this exemption. This exemption applies regardless of whether or not the properties are permanent residences.

5. Exemption for Pensioners or People over 65:

People over 65 or retired can be exempt from paying capital gains when selling their own permanent home, as long as they reinvest the value of the sale in specific financial products, such as insurance contracts or pension funds.

Taking advantage of these capital gains exemption opportunities can help you maximize your gains when selling a property. However, it is important to understand the specific requirements and conditions for each situation and consider consulting a financial or tax professional for proper guidance.