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June 2, 2010BIR RULING [SH-(009) 035-10]RA 7279; BIR Ruling Nos. 299-92; S-32-077-2000Recodo Muslim Homeowners Association, Inc.Purok 5, Recodo, Zamboanga CityAttention: Ms. Hadja Darwisa U. HanapiPresidentGentlemen :This refers to your letter dated December 9, 2009 which was indorsed by Revenue Region No. 15, Zamboanga City on December 21, 2009 requesting for a ruling that the sale of a parcel of land by Ruben F. Navarro, Christopher N. Fernandez, John Eric N. Fernandez, Maribel N. Fernandez and Madeline N. Fernandez in favor of Recodo Muslim Homeowners Association, Inc. is exempt from the payment of capital gains tax pursuant to Republic Act (RA) No. 7279, otherwise known as the "Urban Development and Housing Act of 1992". Documents submitted show that Ruben F. Navarro, Christopher N. Fernandez, John Eric N. Fernandez, Maribel N. Fernandez and Madeline N. Fernandez are the registered co-owners of a parcel of land covered by Transfer Certificate of Title (TCT) No. T-217,272 issued by the Registry of Deeds for Zamboanga City with an area of 15,435 square meters; that Recodo Muslim Homeowners Association, Inc., on...