Hi Arthur
The main residence exemption covers the house itself and a maximum of 2 hectares
You have the option to choose which 2 hectares the exeption applies. So you could for example elect the 1 hectare you will retain with the house on it, the higher value hectare to be sold (if there is a price difference between the 2 to be sold) and you would then be liable for capital gains on the 3rd hectare.
The cost base for the 3rd hectare would be apportionment of the original total purchase price.
Hope this helps
query on capital gains tax please, page-4
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