Income Tax Act Article 17-2

The amount of individual income tax paid by a taxpayer on the income realized from the sale of a self-used residential building, if he repurchases another building as his self-use residence within two years from the date on which the registration of transfer of ownership of the old building was completed, and the cost of the new building exceeds the original sale price, may be deducted or refunded from the individual income tax payable or paid for the year in which the transfer of the ownership of the repurchased residential building for self-use was registered. However, if the income realized from the property transaction had already been offset against the loss incurred from property transaction concluded previously in accordance with the stipulations of this Act, then the provisions hereof shall not apply.The preceding paragraph shall also apply to the taxpayer who buys first and sells later.