June 25, 2010
BIR RULING [DA-(C-027) 112-10]
Sec. 27 (D) (5) & RR 17-2003;
BIR Ruling No. 060-92, DA-237-05,
DA-333-06 & DA-508-06
Limcoma Rural Bank, Inc.
San Jose, Batangas
Attention: Ms. Rufina S. Salas
Managing Director
Gentlemen :
This refers to your letter dated March 23, 2010 requesting for legal opinion on the reckoning date for the payment of capital gains tax.
As represented, you acquired a real property from the Philippine Deposit Insurance Corporation (PDIC) through a public bidding held on December 14, 2009. You paid the bidding deposit on the said date. You received the Certificate of Award and was given instruction to settle the balance of the bid price on December 22, 2009.
PDIC prepared all the necessary papers and you received the notarized Deed of Sale dated February 19, 2010 on March 4, 2010. You paid the documentary stamp tax and the capital gains tax (CGT) on March 5, 2010 and March 8, 2010, respectively.
The head of the assessment division of BIR District Office No. 59 in Lipa City maintains that you have to pay penalties for late payment of CGT...
