June 30, 2009
BIR RULING [SH-(057) 410-09]
RA 7279; S-32-077-2000
City Government of Panabo
Nanyo, Panabo City
Attention: Hon. Rey P. Gavina
City Mayor
Gentlemen :
This refers to your letter dated February 8, 2007 as indorsed by the Regional Director, Revenue Region No. 19, Davao City, requesting for a ruling that the sale by Mr. Neptali Calaycay of his property to the City Government of Panabo intended for the latter's socialized housing program is exempted from payment of capital gains tax. IAETDc
Documents submitted show that Neptali Calaycay, married to Jocelyn Garzon Calaycay is the registered owner of a parcel of land covered by Transfer Certificate of Title (TCT) No. T-63417 and designated as Lot No. 1728-H of Psd-11-019639 issued by the Registry of Deeds for the Province of Davao del Norte. The aforestated lot is located at Brgy. Nanyo, Panabo City containing an area of 17,366 sq.m. more or less. The City Government of Panabo, on the other hand, is a public entity created and existing under the laws of the Philippines and is desirous of purchasing the said property for socialized...
