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