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June 30, 2009BIR RULING [SH-(056) 409-09]20 (d) (2), RA No. 7279; S-20-126-97; S-20-019-01Hon. Jesse M. RobredoOffice of the City MayorJ. Miranda Ave., MagsaysayNaga CitySir :This refers to your letter dated May 4, 2009 requesting exemption from the payment of capital gains tax on the sale of real properties in favor of the City Government of Naga for use in its socialized housing project pursuant to Section 20 (d) (2) of Republic Act (R.A.) No. 7279. aIcDCHIt appears that the City Government of Naga is undertaking socialized housing projects for the benefit of the underprivileged and homeless citizens of Naga City; that on different occasions, the Sangguniang Panlungsod of Naga City passed resolutions for the expropriations and/or acquisitions through negotiation of certain parcels of land to be utilized for its socialized housing program, and likewise, for the appropriations of funds for the said expropriation/acquisitions and that the City Government of Naga has acquired on different dates the following properties in its favor to be used in its socialized housing projects: Property Involved/Location                          Owner                         Mode/Date of                                                                                                            Acquisition1) ...