Land bestowed to a spouse may apply for non–taxable status of land value increment tax. But if the land is subsequently transferred to a third party, the land value increment tax shall be assessed based on the increment in value from the original decreed value prior to the first transfer or the present value at the time of previous transfer.
If the transferor or the transferee of the land in the preceding paragraph has, during the ownership of land, paid expenses for improvement of land according to subparagraph 2, Paragraph 1 of Article 31 herein or supplemental land value tax according to subparagraph 2 of the same article, the provisions in the same article on tax deduction or offset shall apply to the assessment of land value increment tax when the land title is transferred again. If the land in the preceding paragraph is reconsolidated, the provisions on tax reduction or exemption as provided in Paragraph 4 of Article 39 herein shall apply. Where the land is transferred again and the title owner applies for the application of tax rate on land value increment tax as provided in Article 34 herein, the period of land that was not used for business purpose or rented in the last year before its sale shall be combined in the assessment of tax.