n\a

August 6, 2009BIR RULING [SH-(073) 501-09]Office of the City MayorCity of LegaspiAttention: Hon. Noel E. RosalCity MayorGentlemen :This refers to your letter dated April 14, 2009, which was referred to this Office by Revenue Region No. 10, Legaspi City, by way of 1st Indorsement dated April 30, 2009, requesting on behalf of the landowner, Ricardo Rodrigo L. Patacsil II, for exemption from the payment of capital gains tax relative to the sale of a parcel of land in favour of the City of Legaspi under Republic Act (RA) No. 7279. It appears that Ricardo Rodrigo I. Patacsil II is the absolute and registered owner of a parcel of land located at Barangay 33 Peñafrancia Street, Legaspi City covered by TCT No. (P) 1582; that in a Resolution No. 0110-2008 of the Sangguniang Panlungsod has authorized the Hon. City Mayor to purchase a lot as site for socialized housing pursuant to the request of the Urban Development and Housing Board through Resolution No. 2007-02; and that on February 17, 2009, a Deed of Absolute Sale was...