James purchased a property at 67 Waterworks Road Nundah via contract dated 1 July 2020 and the title transferred on 1 August 2020. The property is two storeys and both the upstairs and downstairs areas are equipped with a kitchen, bathroom, bedrooms and living areas. The purchase price was $420,000 and James paid $3000 in stamp duty and $1,100 in legal fees at the time of purchase. James lives in the house from the time of purchase. James decides to rent the downstairs area (which represents 50% of the floor area of the house) to a tenant from 1 July 2022. He receives $280 per week in rental income. The tenant lived downstairs until the house sold. James signs a contract to sell the property for $680,000 on 30 June 2023 and the title transfers to the buyer on 31 July 2023. James incurred legal costs of $1200 and commission of $13,600 to the real estate agent relating to the sale. James also paid $400 interest to the bank every month relating to the finance he applied for to make the purchase of the property. Is there any exemption ?