n\a

December 9, 2009BIR RULING [SH-(127) 763-09]RA 7279; S-32-077-2000Upper Bonbonan Block A Homeowners Association, Inc.Upper Bonbonan A, Lopez St., Labangon Cebu CityAttention: Susan A. CeballosPresidentGentlemen :This refers to your letter dated November 05, 2009 requesting in effect, for a ruling that the sale of a parcel of land by the heirs of Pedro Saceda, heirs of Canuta Saceda Cania and heirs of Filomena Saceda Menguito to the Upper Bonbonan Block A Homeowners Association, Inc. 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". SATDEIIt appears that Upper Bonbonan Block A Homeowners Association, Inc. is a non-stock, non-profit organization with Tax Identification Number (TIN) 259-782-988; that it is registered with the Housing and Land Regulatory Board (HLURB); that said association has secured a housing loan under the Community Mortgage Program (CMP) from the Social Housing Finance Corporation (SHFC) for the acquisition of the lots occupied by the qualified beneficiaries; that a Deed of Absolute Sale was executed by and...