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February 19, 2009BIR RULING [SH-(011) 124-09]20 RA 7279; S20-111-2000Bacolod City Government EmployeesMulti-Purpose Cooperative (BACGEM)Bacolod CityAttention: Mr. Eduardo H. RavenaChairmanGentlemen :This refers to your undated letter requesting for a ruling that the sale of a parcel of land to the Community Mortgage Program beneficiaries is exempt from the payment of the capital gains tax, documentary stamp tax, and other related taxes. Documents submitted disclosed that the Bacolod City Government Employees Multi-Purpose Cooperative is a cooperative duly registered with the Cooperative Development Authority under CDA Registration No. ILO-3149 dated April 6, 1998; that the Office of the Sangguniang Panglunsod has issued a Final Approval and Development Permit under BP 220 dated March 2, 2006 on your project called "BACGEM VILLAGE" on one (1) parcel of land covered by Transfer Certificate of Title No. 175384 containing an area of 1,724 square meters located at Brgy. Pahancoy, Bacolod City and duly registered in the name of Teresa M. Obregon (14,424 square meters) and Ramon C. Montelibano (1,300 square meters); and that the said raw land shall be used for...