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December 23, 2009BIR RULING [SH-(140) 825-09]RA 7279; S-32-077-2000San Antonio De Padua De MaligayaHomeowners Association, Inc.Lot 9, Bougainvilla St., Maligaya Park Subd.Novaliches, Quezon CityAttention: Loreta L. LinghagPresidentGentlemen :This refers to your letter dated October 4, 2009 requesting for a ruling that the sale of parcels of land by Sps. Paulino M. Paredes, Jr. and Eliza Echiverri Paredes to the San Antonio De Padua De Maligaya 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". Documents submitted show that Sps. Paulino M. Paredes, Jr. and Eliza Echiverri Paredes are the registered owners of a parcel of land covered by Transfer Certificate of Title (TCT) No. RT-14573 (128075) issued by the Registry of Deeds for Quezon City and that the aforestated lot is situated at Pasong Putik, Novaliches, Quezon City; that San Antonio De Padua De Maligaya Homeowners Association, Inc., on the other hand, is a homeowner's organization registered with the Housing and Land Use Regulatory Board...