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May 20, 2009BIR RULING [SH-(044) 333-09]20 RA7279; S20-111-2000Manuguit Homeowners Association, Inc.Corregidor Ext., Manuguit, Tondo, ManilaAttention: Ms. Marife P. ValsorablePresidentGentlemen :This refers to your letter dated January 27, 2008 requesting for a ruling that the distribution of the individual titles to the member-beneficiaries of the Manuguit Homeowners Association, Inc. is exempt from the payment of taxes. Documents submitted disclosed that the Manuguit Homeowners Association, Inc. with TIN 233-749-460-000 is the registered owner of a parcel of land covered by Transfer Certificate of Title No. 230027 issued by the Registry of Deeds for Manila; that the said parcel of land is actually part of a CMP project and shall be proportionately distributed to the association's qualified member-beneficiaries.In reply, please be informed that the transfer in favor of the individual member-beneficiaries of the above-described property is not subject either to capital gains tax imposed under Section 24 (D) (1) of the Tax Code of 1997 or creditable withholding tax imposed under Revenue Regulations No. 2-98, as amended, implementing Section 57 (B) of the same Code, considering that the...