May 20, 2009
BIR RULING [SH-(042) 323-09]
RA 7279; S-20-035-2008
Kapatirang Samahan ng Maligaya
(KASAMA) Homeowners Association, Inc.
(Phase 2)
Pasong Putik, Quezon City
Attention: Mr. Johhny A. Balabbo
President
Gentlemen :
This refers to your letter dated March 24, 2009 requesting for an exemption from the payment of capital gains tax and documentary stamp tax relative to the transfer/individualization of titles of a parcel of land from the Kapatirang Samahan ng Maligaya (KASAMA) Homeowners Association, Inc. (Phase 2) in favor of its qualified member-beneficiaries pursuant to Section 32 (b) of Republic Act (RA) No. 7279, otherwise known as the "Urban Development and Housing Act of 1992".
Documents submitted show that KASAMA Homeowners Association, Inc. (Phase 2) is the registered owner of a parcel of land located at Bougainvilla Street, Maligaya Park, Pasong Putik, Novaliches, Quezon City and covered by Transfer Certificate of Title (TCT) No. N-317022 issue by the Registry of Deeds for Quezon City; that it is a non-stock, non-profit organization duly registered with the Housing and Land Use Regulatory Board (HLURB); that the aforesaid lot was acquired through a loan under the...
