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November 24, 2009BIR RULING [SH-(116) 731-09]RA No. 7279; RR 11-97; RMC 42-01; RMC 30-09; S-20-001-06Malugay Homeowners Association, Inc.#74 Malugay St., Brgy. San Martin de PorresParañaque CityAttention: Mr. Roberto D. DichePresidentGentlemen :This refers to your letter dated October 7, 2009 requesting exemption from the payment of capital gains tax on the individualization of titles in favor of the individual members of the Malugay Homeowners Association, Inc. ("MHOAI") under the Community Mortgage Program (CMP) in accordance with Republic Act (RA) No. 7279, otherwise known as the "Urban Development and Housing Act of 1992". Documents show that MHOAI is a duly registered association with the Home Insurance Guaranty Corporation, the jurisdiction of which is now transferred with the Housing and Land Use Regulatory Board (HLURB); that through the CMP Program of the government, MHOAI acquired by virtue of a loan from the National Home Mortgage Finance Corporation (NHMFC), three (3) parcels of land covered by Transfer Certificate of Title Nos. 135984, 135913 and 136190 of the Registry of Deeds of Parañaque City; that MHOAI is now in the...