(1) This section applies to land in which you have an * ownership interest (except a life interest) if you build a * dwelling on the land, or repair, renovate or finish building a dwelling on the land.
(2) You can choose to apply this Subdivision as if the * dwelling that you are building, repairing or renovating on the land were your main residence from the time you * acquired the * ownership interest.
(3) You can make the choice only if:
(a) a * dwelling on the land that you construct, repair or renovate becomes your main residence (except because of section 118-147) as soon as practicable after the work is finished; and
(b) it continues to be your main residence for at least 3 months.
(4) There is a time limit during which the choice can operate. This is the shorter of:
(a) 4 years, or a longer time allowed by the Commissioner, before the * dwelling becomes your main residence; and
(b) the period starting when you * acquired your * ownership interest in the land and ending when the dwelling becomes your main residence.
(5) If there was already a * dwelling on the land when you * acquired your * ownership interest and you or someone else occupied it after that time, the period in subsection (2) and paragraph (4)(b) starts when the dwelling ceased to be occupied.
(6) Once you make the choice, no other * dwelling can be treated as your main residence during the period referred to in subsection (4), except if section 118-140 (about changing main residences) applies.