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December 10, 2009BIR RULING [SH-(129) 767-09]S20, RA 7279; RMC 20-09; S-20-126-97; S-20-019-01City Engineering DepartmentHousing Development DivisionPuerto Princesa CityAttention: Mr. Javier P. QuindozaOfficer-in-ChargeGentlemen :This refers to your letter dated July 17, 2009 requesting for a ruling that the sale by Joseph M. Jiongco of a parcel of land to the City Government of Puerto Princesa is exempt from capital gains tax pursuant to R.A. No. 7279, otherwise known as the "Urban Development and Housing Act of 1992". aTcESIIt is represented that the City Government of Puerto Princesa, in line with its mandate of providing basic services to its constituents and working towards its goal of making the City of Puerto Princesa free from informal settlers in the years to come, has acquired a 20,803 square meters raw land in Barangay Maroyogon, Puerto Princesa City, covered by Transfer Certificate of Title (TCT) No. 129052 issued by the Register of Deeds of Puerto Princesa City, to be utilized for the socialized housing project of the City Government; and that for the said purpose, a Deed of Absolute Sale...