Capital gains tax is a tax on real property for the increase in value of the property which is the difference between the purchase price and the sale price. There are certain waivers of capital gains tax, the most common being: Single residential dwelling exemption credits, “4 years” exemptions and more. Bureau of Land Taxation forms involve many pitfalls and it is very important to complete forms with the help of an expert in the field. Note that the improperly filling out the form or selecting a particular exemption may cause great harm to the seller.