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February 19, 2009BIR RULING [SH-(010) 123-09]20 RA 7279; S20-111-2000Office of the MayorMunicipality of MonkayoProvince of Compostela ValleyAttention: Mr. Manuel B. Brillantes, Jr.Municipal MayorGentlemen :This refers to your letters dated August 20, 2007 and February 26, 2008 requesting for exemption from the payment of capital gains tax/expanded withholding tax, and documentary stamp tax on the sale of parcel of land pursuant to Republic Act (R.A.) No. 7279, otherwise known as the "Urban Development and Housing Act of 1992". Documents submitted disclosed that the subject property with Transfer Certificate of Title No. T-40277, issued by the Register of Deeds for the Province of Davao Del Norte, is located at Cervantes St., Brgy. Poblacion Monkayo, Compostela Valley, and registered under the name of Ministry of Human Settlements; that pursuant to the mandate of local government units on socialized housing projects for underprivileged individuals, the Municipality of Monkayo is undertaking titling of the Bliss Housing Project consisting of 56 lots; that the subject properties were developed into socialized housing to be known as Paradise Bliss; that the subject property...