November 26, 2009
BIR RULING [SH-(120) 737-09]
RA 7279; S-32-077-2000
Mr. Julito C. Labiano
St. Francis cor. St. Agnes, Maries Ville II
Brgy. Mayamot, Antipolo City
Sir :
This refers to your letter dated October 20, 2009 requesting for a ruling that your sale of a parcel of land to Friendship Homeowners Association, Inc., (FHAI) is exempt from the payment of capital gains tax pursuant to Republic Act (RA) No. 7279, otherwise known as the "Urban Development and Housing Act of 1992".
Documents submitted show that Julito C. Labiano married to Angelita V. Labiano and with Tax Identification Number (TIN) 109-569-174 is the registered owner of a parcel of land covered by Transfer Certificate of Title (TCT) No. 307825 issued by the Registry of Deeds for Marikina, Metro Manila. The aforesaid property is situated at Sitio Hinapao, Barangay San Jose, Antipolo City with an area of Six Thousand Seven Hundred Seventy Four (6,774) sq.m. Friendship Homeowners Association, Inc., on the other hand, is a legal association of underprivileged and homeless citizens and is registered with the Housing and Land Use Regulatory Board...
