The value of the real property will be based on the
selling price, fair market value as determined by the Commissioner
(zonal value) or the fair market value as shown in the schedule of
values of the Provincial or City Assessor, whichever is higher.
If there is no zonal value, the taxable base is
whichever is higher of the gross selling price per sales documents or
the fair market value that appears in the latest tax declaration.
If there is an improvement, the FMV per latest tax
declaration at the time of the sale or disposition, duly certified by
the City/Municipal Assessor shall be used. No adjustments shall be added
on the said value, provided that the tax declaration bears the upgraded
fair market value of the said property pursuant to Section 219 of R.A.
No. 7160, otherwise known as the Local Government Code of 1991 and the
last paragraph of the Local Assessment Regulations No. 1-92 dated
October 6, 1992.
In case the tax declaration being presented was issued
three (3) or more years prior to the date of sale or disposition of the
real property, the seller/transferor shall be required to submit a
certification from the City/Municipal Assessor whether or not the same
is still the latest tax declaration covering the said real property.
Otherwise, the taxpayer shall secure its latest tax declaration and
shall submit a copy thereof duly certified by the said Assessor. (RAMO
1-2001)
For shares of stocks, it will be based on the net
capital gains realized from the sale, barter, exchange or other
disposition of shares of stocks in a domestic corporation, considered as
capital assets not traded through the local stock exchange.
(Excerpts from Source : http://www.bir.gov.ph/taxinfo/tax_capgin.htm)
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