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July 10, 2009BIR RULING [SH-(058) 431-09]R.A. 7279; S-20-021-2008Ms. Josephine V. Chingc/o Velasco Urban Phase 1 Homeowners Association, Inc.Denila Bldg., Rizal St.,Tagum CityMadam :This refers to your letter dated June 4, 2009, received by this Office on June 23, 2009 via 1st Indorsement dated June 16, 2009 from Revenue Region No. 19-Davao City, requesting exemption from capital gains tax of the sale of a parcel of land to Velasco Urban Phase 1 Homeowners Association, Inc. Documents submitted disclose that Josephine V. Ching is the registered owner of a 48,502 sq.m. lot covered by TCT No. T-255999 situated in Canocotan, Tagum City; that Velasco Urban Phase 1 Homeowners Association, Inc., a legal association of underprivileged and homeless citizens, is duly registered with the Housing and Land Use Regulatory Board (HLURB) under Certificate of Registration No. 01146 dated May 10, 2002; that per Certification of the Social Housing Finance Corporation dated April 18, 2009, Velasco Urban Phase 1 Homeowners Association, Inc. secured a housing loan and financial assistance under the Community Mortgage Program in order to purchase a...