June 5, 2009
BIR RULING [SH-(048) 362-09]
20 RA 7279; S20-111-2000
Napico Homeowners Association XIII, Inc.
Rhodora corner Rosal Sts., Zone 5
Phase 3, Napico, Manggahan, Pasig City
Attention: Mr. Ferdinand B. Mejia
President
Gentlemen :
This refers to your letter dated November 13, 2008 requesting for capital gains tax exemption on the transfer of a parcel of land in favor of the member-beneficiaries of NAPICO HOA XIII, INC.
It is represented that a parcel of land covered by Certificate of Title No. PT-119333 located at Rhodora St., cor. Rose St. Napico Manggahan, Pasig City is registered in the name of NAPICO HOA XIII, INC. with TIN 003-980-240; and that said parcel of land was acquired through a loan under the Community Mortgage Program with the National Housing Authority as Originator.
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)...
