June 8, 2020
BIR RULING NO. CMP-307-20
Republic Act (RA) No. 7279, as amended by RA No. 10884;
BIR Ruling No. 1363-2018
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Sir :
This refers to your letter dated January 8, 2020, requesting exemption from the payment of capital gains tax (CGT) on the transfer of real property from the Municipality of New Washington, Aklan in your favor, pursuant to Republic Act (RA) No. 7279, otherwise known as the "Urban Development and Housing Act of 1992."
Documents submitted disclosed that the Local Government Unit (LGU) of New Washington is the lawful owner of fifty (50) housing units and lots in the Bagong Lipunan Improvement of Site and Services (BLISS) located at Brgy. Cawayan, New Washington, Aklan, which were acquired in the year 1999 from the Home Insurance Guaranty Corporation during the incumbency of former Mayor Edmund R. Peralta. To effect the sale and transfer of the said housing units and lots to the actual occupants, the Sangguniang Bayan enacted Municipal Ordinance No. 99-14 providing for the "Authorization Scheme Payment for the Acquisition of Bliss Housing Units and Lots." HTcADC
On September...
