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June 24, 2010BIR RULING [DA-(JV-019) 106-10]Sec. 22 (B); BIR Ruling No. DA-373-2008;BIR Ruling No. DA-192-2001; BIR Ruling No. [DA-(JV-029) 223-08]Fifth Avenue Property Development Corp.No. 88 Labogon Road, BasakMandaue City, CebuAttention: Alan L. DinoDirector Gentlemen :This refers to your letter dated January 5, 2010 requesting for an exemption from the payment of Capital Gains Tax (CGT) and Documentary Stamp Tax (DST) from the Joint Venture Agreement (JVA) for the development of a parcel of land situated in Lahug, Cebu City, into a condominium project. TSADaIIt is represented that Spouses Michael Lloyd and Kristine Marie Dino and Fifth Avenue Property Development Corporation entered into a joint venture agreement on September 16, 2009; that the Spouses Michael Lloyd and Kristine Marie Dino (OWNER) owns a parcel of land (PROPERTY) situated in Lahug, Cebu City; that Fifth Avenue Development Corporation (DEVELOPER) has offered to develop the PROPERTY into a twelve (12) storey condominium project (PROJECT) and to provide the required funding, equipment materials, supplies, development works, management, labor supervision and related undertakings; that the DEVELOPER shall provide all the...