Income Tax Act Article 14-8

For the amount of tax in accordance with the provision of Article 14-5 paid by an individual on the income realized from the sales of house and land of a self-use residence, if he(or she) repurchases another house and land as his(or her) self-use residence within two years from the date on which the ownership transfer registration of house and land is completed or the transaction day of the right to use a house by creation of superficies, he (or she) may apply to be refunded from the tax payable at the ratio of the repurchase price in the original sales price.For an individual who purchases house and land for his self-use residence within two years from the date on which the ownership transfer registration of house and land is completed or the transaction day of the right to use a house by creation of superficies, when he (or she) sells another self-use resident house and land and declares his (or her) tax in accordance with the provision of Article14-5, he (or she) may deduct the amount of tax at the ratio provided in the preceding Paragraph with the limitation that it does not exceed the tax payable.If the house and land repurchased as self-use residence, as provided in the preceding two Paragraphs, was transferred or used for purposes other than the original purpose within five years from the day the transfer registration was completed for the reacquisition , the amount of deducted or refunded tax shall be paid back.