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May 28, 2010BIR RULING [DA-(I-007) 082-10]24 (D) (1); 196; 188; [DA-(I-033)371-08]; [DA-(I-032)363-08];[DA-(I-022)011-08]; DA-237-03; DA-068-98Lauigan Catabay-Lauigan Law OfficesUnit 426 St. John Condo, Scout Rallos St.,Diliman, Quezon City Gentlemen :This refers to your letter dated January 8, 2009, requesting in behalf of your client, Atty. Geronimo S. Reyes, Jr. for exemption from capital gains tax and documentary stamp tax on the rectification and correction of entries in their respective titles to real properties. It is represented that during the lifetime of your client's parents, they acquired a real property in Centro 2 Tuguegarao which they proceeded to improve, possess and occupy; that they had the property registered under TCT No. T-27235 in the name of Filomena S. Reyes; that on the adjacent lot to the east of the property of Filomena S. Reyes is parcel of land covered by TCT No. T-77697 registered in the name of Felisa B. Navarro, who also in turn introduced improvements and occupied the same; that as it turned out later, the registered owners and their heirs realized that while they were...