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Capital Gains Tax Query

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1 Capital Gains Tax Query on Mon Jun 18, 2012 11:12 am


Arresto Menor
Good morning,
My wife and I have purchased a residential block of land in Dumaguette City, Negros Oriental. As I am not of Filipino nationality, my wife is natural born Filipina.
The sale has gone through as my wife being the Filipina and I am the husband of other nationality.
We have paid the full amount asked by the buyer and we have receipts and deed of sale to show.
I am told by the buyer that I now need to go and pay Capital Gains Tax and other taxes to have the Title transferred into our names.
Is this true, should I be paying the capital gains tax, if so what would be the approximate % rates I would need to pay?
The purchase price was 750,000 PHP
Thank you and God bless you always

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2 Re: Capital Gains Tax Query on Fri Jun 22, 2012 3:26 pm


Reclusion Perpetua
Normally, it is the seller who should be paying the Capital Gains Tax because he is the one who gained income from the sale. However, there are instances when the buyer shoulders the payment of the tax in the name of the seller. Check your deed of sale again. This matter is usually mentioned in the deed.

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