Written Internet Visit Counseling Team-1567 ( October 15, 2007)
Land for non-business use means land not used as land for business for a specific period during the ownership period: Provided, That the land transferred until December 31, 2009, which is inherited before December 31, 2006, shall be deemed as land for business use.
1. Where the land is transferred not later than December 31, 2006, the transfer value of the relevant asset shall be based on the standard market value at the time of transfer of the relevant asset except for the cases falling under any of the subparagraphs of Article 96 (2) of the Income Tax Act; however, the transfer value of the land transferred after 2007 shall be reported by the actual transaction value between the transferor and the transferee at the time of transfer of the relevant land under paragraph (1) of the same Article (hereinafter referred to as the "actual transaction value"), and where the relevant land transferred after 2007 corresponds to the non-business land under Article 104-3 of the Income Tax Act, the heavy tax rate shall be applied pursuant to Article 104 (1) 2-7 of the Income Tax Act (hereinafter referred to as the "after 207"); and
Article 104 of the Income Tax Act / Income Tax Act / Article 104-3 / Enforcement Decree of the Income Tax Act Article 168-14