The government has started implementing eased capital gains tax on property sales for those who own a single home.

The Ministry of Economy and Finance said revisions to the income tax act, which passed a Cabinet meeting on Tuesday, has been promulgated and implemented on Wednesday.

Under the revised law that passed parliament last week, the threshold for capital gains tax exemptions on real estate sales for people who own a single home will be raised from the previous 900 million won to one-point-two billion won.

The parliament and government fast-tracked the revised bill's application by more than 20 days in a bid to ease uncertainties and to soothe public anger over housing policies with only three months left until the presidential race.