June 22, 2010
BIR RULING [SH-(012) 052-10]
RA 7279; BIR Ruling No. 374-92; BIR Ruling No. [SH-(005)071-09]
Office of the City Mayor
City Urban Development & Housing Office
City of Puerto Princesa
Attention: Mr. Javier P. Quindoza
Officer in Charge
Gentlemen :
This refers to your letter dated May 7, 2010 requesting for exemption from the payment of capital gains tax on the sale of parcels 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 Original Certificate of Title No. 6597 with a total area of 24,241 square meters, more or less, located at Sicsican, Puerto Princesa City registered under the name of Vicente D. Gerochi IV ("Owner") with TIN 165-739-043 was sold to the City Government of Puerto Princesa, represented by its City Mayor Edward S. Hagedorn; that the subject property shall be developed into relocation site of the residents of Barangay Mabuhay, Puerto Princesa City per Resolution No. 724-2010 dated February 1, 2010; and that a Deed of Absolute Sale was executed dated...
