Income Tax Act 2007 section 767

Exemption: private residences

Section 767 provides an exemption from the transactions in land rules where the property concerned is a private residence, provided certain conditions are satisfied.

• An exemption from the transactions in land anti-avoidance provisions is available for private residences.
• The exemption applies where the property has been used as the individual's only or main residence.
• The provision is derived from the former section 776(9) of ICTA, carried forward into the Income Tax Act 2007.
• Specific conditions must be met for the exemption to apply, ensuring that only genuine private residences qualify.