The house and land provided in the preceding Article which comply with any one of the following conditions shall be exempt from assessment of income tax . However, for the house and land conforming to the provisions of Subparagraph 1, the amount of the exempt income calculated in accordance with Paragraph 3, Article 14-4 shall not exceed NT$ 4,000,000.
1.Self-use house and land held by an individual, his (her) spouse, or their minor children which comply with any one of the following conditions:
(1)The individual, his (her) spouse or their minor children have lived in, maintained their household registration at the self-use house, and have owned the house for 6 consecutive years.
(2)The house and land have never been used for lease, business operation, or professional practice in the last 6 years before its sale.
(3)The individual, his (her) spouse or their minor children have never applied for the provision of this subparagraph in the last 6 years before the sale.
2.Land that complies with the provisions of Article 37 or Article 38-1 of the Agricultural Development Act allowing for application for non-imposition of the land value increment tax.
3.Expropriated land and land improvements, including the price negotiation before the expropriation.
4.Transfer of land reserved for public facilities under the Urban Planning Law before the expropriation.
Land and improvements on land provided in Subparagraph 2 through 4 shall be exempt from application of Article 14-5; related losses incurred from the transactions shall also be exempt from application of Paragraph 2, Article 14-4 and from application of Paragraph 1, Article 24-5 where the losses shall not be deductible from the amount of income of the profit-seeking enterprise.