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March 3, 2009BIR RULING [SH-(017) 171-09]RR 11-97; S-20-038-2006City of TaguigTaguig City HallGen. Antonio Luna St.Tuktukan, Taguig CityAttention: Mr. Wilfredo C. VillarCity AdministratorGentlemen :This refers to your letter dated August 20, 2008 requesting for exemption from the payment of capital gains tax on your purchase of raw land intended for socialized housing project pursuant to the provisions of Republic Act (RA) No. 7279, otherwise known as the "Urban Development and Housing Act of 1992", as implemented by Revenue Regulations No. 11-97. Based on your representations, as well as from the documents submitted, the facts are as follows:1. On August 20, 2008, a Deed of Absolute Sale was executed by and between Nieves R. de Guzman, as seller, and the City of Taguig, as the buyer, for the purchase of a parcel of land covered by Transfer Certificate of Title (TCT) No. 42633 situated at Barangay Calzada, Tipas, City of Taguig with a total area of Five Thousand Four Hundred Fifty (5,450) square meters.2. The said parcel of land was acquired by the City of Taguig as...