n\a

March 3, 2009BIR RULING [SH-(016) 168-09]RA 7279; S-32-077-2000City Government of TaguigTaguig City HallGen. Antonio Luna St.Tuktukan, Taguig CityAttention: Mr. Wilfredo C. VillarCity AdministratorGentlemen :This refers to your letter dated August 27, 2008 requesting for a ruling that the acquisition of the City Government of Taguig of a parcel of land to be developed pursuant to its socialized housing program is exempt from the payment of capital gains tax. Documents submitted show that Food Terminal, Inc. (FTI) is the registered owner of a property known as the FTI Complex located in Western Bicutan, Taguig City containing an aggregate area of one hundred twenty (120) hectares and covered by Transfer Certificate of Title (TCT) No. 13466 of the Registry of Deeds for the Province of Rizal. There are informal settlers scattered within a portion of the said property with an area of one hundred eighteen thousand (118,000) sq.m., more or less. President Gloria Macapagal-Arroyo issued a Memorandum Order dated February 24, 2004 directing FTI to convey to the then Municipal Government of Taguig the use of a...