Comments on: What is Capital Gains Tax on Real Estate? http://www.foreclosurephilippines.com/2009/02/real-estate-taxation-what-is-capital.html Your trusted resource for foreclosure investing in the Philippines with listings of foreclosed properties, real estate auctions, real estate investing tips, and more! Wed, 08 Feb 2012 16:17:04 +0000 hourly 1 http://wordpress.org/?v=3.3.1 By: Pinoypropertieshub http://www.foreclosurephilippines.com/2009/02/real-estate-taxation-what-is-capital.html#comment-8169 Pinoypropertieshub Mon, 05 Dec 2011 21:07:00 +0000 http://localhost/wordpress/index.php/2009/02/real-estate-taxation-what-is-capital-gains-tax.html#comment-8169 Hi Jay, thanks a lot, this was been very helpful in my real estate review., hope you can site more computation example. and post topics on creditable withholding tax and expanded withholding tax. Hi Jay, thanks a lot, this was been very helpful in my real estate review., hope you can site more computation example. and post topics on creditable withholding tax and expanded withholding tax.

]]> By: ATTY. REY NATHANIEL C. IFURUNG http://www.foreclosurephilippines.com/2009/02/real-estate-taxation-what-is-capital.html#comment-7975 ATTY. REY NATHANIEL C. IFURUNG Tue, 29 Nov 2011 08:36:00 +0000 http://localhost/wordpress/index.php/2009/02/real-estate-taxation-what-is-capital-gains-tax.html#comment-7975 Hi: As for the mistake in paying CGT instead of creditable withholding tax, you can request the BIR to simply amend your return to treat the CGT as CWT. Instead of refunding which takes a long time.  CGT is a final tax, meaning you do not have to include your gain in the sale of the real estate in as income for income tax purposes whereas, CWT can be applied for payment of income tax.  Unused or the excess of partly used CWT can be refunded.   For free real estate tax advice, please email me at ifurunglawoffices@yahoo.com.  Thanks. Hi:
As for the mistake in paying CGT instead of creditable withholding tax, you can request the BIR to simply amend your return to treat the CGT as CWT. Instead of refunding which takes a long time.  CGT is a final tax, meaning you do not have to include your gain in the sale of the real estate in as income for income tax purposes whereas, CWT can be applied for payment of income tax.  Unused or the excess of partly used CWT can be refunded.  

For free real estate tax advice, please email me at ifurunglawoffices@yahoo.com.  Thanks.

]]> By: ATTY. REY NATHANIEL C. IFURUNG http://www.foreclosurephilippines.com/2009/02/real-estate-taxation-what-is-capital.html#comment-7974 ATTY. REY NATHANIEL C. IFURUNG Tue, 29 Nov 2011 08:25:00 +0000 http://localhost/wordpress/index.php/2009/02/real-estate-taxation-what-is-capital-gains-tax.html#comment-7974 Hi: I would like to add that if the buyer agreed to shoulder the capital gains tax.  The tax will be added as part of the price.  In your example, if the 50 sqm condo is sold at P50K/sqm or P2.5 million.  The CGT of P150k will be added to the selling price because the tax is considered part of the price and the tax would be 6% (2.5M + p150k) or P159K = CGT.  (But then this will become endless computation because you have to add the P159k to the SP and the CGT ad infitum)  Hi:

I would like to add that if the buyer agreed to shoulder the capital gains tax.  The tax will be added as part of the price.  In your example, if the 50 sqm condo is sold at P50K/sqm or P2.5 million.  The CGT of P150k will be added to the selling price because the tax is considered part of the price and the tax would be 6% (2.5M + p150k) or P159K = CGT.  (But then this will become endless computation because you have to add the P159k to the SP and the CGT ad infitum) 

]]> By: Caling http://www.foreclosurephilippines.com/2009/02/real-estate-taxation-what-is-capital.html#comment-7777 Caling Sat, 26 Nov 2011 14:56:00 +0000 http://localhost/wordpress/index.php/2009/02/real-estate-taxation-what-is-capital-gains-tax.html#comment-7777 If I sell my house and use the funds buy another property for personal dwelling, do I still have to pay CGT in 30 days? If I sell my house and use the funds buy another property for personal dwelling, do I still have to pay CGT in 30 days?

]]> By: Len321 http://www.foreclosurephilippines.com/2009/02/real-estate-taxation-what-is-capital.html#comment-7080 Len321 Thu, 10 Nov 2011 10:03:00 +0000 http://localhost/wordpress/index.php/2009/02/real-estate-taxation-what-is-capital-gains-tax.html#comment-7080 I have a friend who now holds German passport. She bought a condo unit a year ago, (still under construction) from a previous buyer who left the Philippines. My friend and husband while they were the buyer, want to have the title made in the name of a daughter whom they really intend to own the property. The condo unit will be delivered already in the first qtr of coming year, during which time, they want the title already made in the daughter's name, not theirs. Do they have to pay CGT granting they paid Php8M as 80% of the cost, leaving the 20% still to be paid. Ler us assume the surface area of the unit is 200sqm. How much would they have to pay? She is asking for my help about this info but I am also not that well-informed on the subject matter. I would really appreciate your help I have a friend who now holds German passport. She bought a condo unit a year ago, (still under construction) from a previous buyer who left the Philippines. My friend and husband while they were the buyer, want to have the title made in the name of a daughter whom they really intend to own the property. The condo unit will be delivered already in the first qtr of coming year, during which time, they want the title already made in the daughter’s name, not theirs.

Do they have to pay CGT granting they paid Php8M as 80% of the cost, leaving the 20% still to be paid. Ler us assume the surface area of the unit is 200sqm. How much would they have to pay? She is asking for my help about this info but I am also not that well-informed on the subject matter. I would really appreciate your help

]]> By: malu http://www.foreclosurephilippines.com/2009/02/real-estate-taxation-what-is-capital.html#comment-6653 malu Thu, 03 Nov 2011 04:14:06 +0000 http://localhost/wordpress/index.php/2009/02/real-estate-taxation-what-is-capital-gains-tax.html#comment-6653 Hello, just want to ask for help, I have this condo unit which I already paid in full. But I want to transfer the name of the unit to my mother. Should I pay for the Capital Gains Tax since the developer told me that I will be the one to pay for that tax even if the CCT is not yet on my name it is under the developer name up to now. hoping for your answer. thanks Hello, just want to ask for help, I have this condo unit which I already paid in full. But I want to transfer the name of the unit to my mother. Should I pay for the Capital Gains Tax since the developer told me that I will be the one to pay for that tax even if the CCT is not yet on my name it is under the developer name up to now.

hoping for your answer. thanks

]]> By: Diana S. http://www.foreclosurephilippines.com/2009/02/real-estate-taxation-what-is-capital.html#comment-660 Diana S. Fri, 28 Oct 2011 04:14:47 +0000 http://localhost/wordpress/index.php/2009/02/real-estate-taxation-what-is-capital-gains-tax.html#comment-660 Hi..nkabili ako ng land 600 sqm 1 yr ago. ung mom ko ang nkipag deal sa seller and i ended up paying the CGT. question, until now in process prin ung pag pptitle ko sa land. may tax p b ako na bbyaran? thanks Hi..nkabili ako ng land 600 sqm 1 yr ago. ung mom ko ang nkipag deal sa seller and i ended up paying the CGT. question, until now in process prin ung pag pptitle ko sa land. may tax p b ako na bbyaran?

thanks

]]> By: Federal tax liens http://www.foreclosurephilippines.com/2009/02/real-estate-taxation-what-is-capital.html#comment-659 Federal tax liens Mon, 12 Sep 2011 15:04:58 +0000 http://localhost/wordpress/index.php/2009/02/real-estate-taxation-what-is-capital-gains-tax.html#comment-659 Very well said. The information of the post is very essential especially to first time real estate investors. Very well said. The information of the post is very essential especially to first time real estate investors.

]]> By: Francis http://www.foreclosurephilippines.com/2009/02/real-estate-taxation-what-is-capital.html#comment-658 Francis Fri, 19 Aug 2011 03:19:33 +0000 http://localhost/wordpress/index.php/2009/02/real-estate-taxation-what-is-capital-gains-tax.html#comment-658 Hi Jay, I was hoping to buy foreclosed properties from banks. My contacts in BIR claim these are still vatable transactions. Could you please supply me the ruling DA-216-07? Hi Jay,

I was hoping to buy foreclosed properties from banks. My contacts in BIR claim these are still vatable transactions. Could you please supply me the ruling DA-216-07?

]]> By: ZOREN SILVA http://www.foreclosurephilippines.com/2009/02/real-estate-taxation-what-is-capital.html#comment-657 ZOREN SILVA Thu, 23 Jun 2011 10:17:39 +0000 http://localhost/wordpress/index.php/2009/02/real-estate-taxation-what-is-capital-gains-tax.html#comment-657 I purchase and a condo unit recently, then sold it to a friend after 28 days under Transfer of Rights. then he also sold it another friend after 25 days to his cousin and so forth>>>How many times can it be done without the CGT to be paid as it must be done only once for the condo.>>>>>> Purchase of condo " is it better under personal name or company name for taxes purposes, resale purpose, loan purpose etc>>>> I purchase and a condo unit recently, then sold it to a friend after 28 days under Transfer of Rights. then he also sold it another friend after 25 days to his cousin and so forth>>>How many times can it be done without the CGT to be paid as it must be done only once for the condo.>>>>>>
Purchase of condo ” is it better under personal name or company name for taxes purposes, resale purpose, loan purpose etc>>>>

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