Koo Yun-cheol: "Capital gains tax relief for multiple-home owners in Gangnam 3 Districts and Yongsan will last four months"

According to Financial News, Deputy Prime Minister for Economic Affairs and Minister of Finance and Economy Koo Yun-cheol said on the 10th, regarding the temporary suspension of heavier capital gains tax on multiple-home owners, "For the Gangnam 3 Districts (Gangnam-gu, Seocho-gu, and Songpa-gu) and Yongsan, we decided to grant a three-month grace period for paying the remaining balance. However, there were public opinions that in a Land Transaction Permit Zone, the period should be four months from the date the permit is issued. So we are currently reviewing a reasonable option to extend this to four months."
Koo stated at the State Council meeting held at the presidential office that "for areas other than those, we will keep the existing six-month period. If the remaining balance is paid or the registration is completed within six months after signing the contract, it will be recognized," he said.
Regarding cases where there is a tenant, Koo explained, "People ask, 'What should I do if I cannot move in right away?' Taking into account these difficulties and the market situation, we will defer the owner-occupation requirement for the duration of the lease. However, once the lease period ends, the owner will be required to actually reside in the property," adding, "In this way, we hope to ease the concerns of the public."
syj@fnnews.com Seo Young-jun Reporter