n\a

June 8, 2009BIR RULING [SH-(049) 365-09]22 (B); RA 7279; DA-047-2004Samahang Marikina Heights Homeowners Association, Inc.18 Narra St., Marikina HeightsMarikina CityAttention: Ms. Carmel M. BasaPresidentGentlemen :This refers to your letter dated June 3, 2009 wherein you requested that the transfer of community titles of Samahang Marikina Heights Homeowners Association, Inc. in favor of its member-beneficiaries be exempted from the payment of Capital Gains Tax. It is represented that Samahang Marikina Heights Homeowners Association, Inc. is now in the process of facilitating the transfer of community titles in favor of its 22 member-beneficiaries; and that said association has availed of a loan under the Community Mortgage Program (CMP) under the National Home Mortgage Finance Corporation.In reply, please be informed that the transfer in favor of the individual member-beneficiaries of the subdivided properties subject of the CMP is not subject to either the capital gains tax imposed under Section 24 (D) (1), or the creditable withholding tax imposed under Revenue Regulation No. 2-98, as amended, implementing Section 57 (A) of the same Code, considering that the said transfer...