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do I need to pay capital gains tax?

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1 do I need to pay capital gains tax? on Sun Feb 13, 2011 5:21 pm

lexa09


Arresto Menor
good day po. ito po ung nangyari. bumili ung dad ko ng lupa sa HGC (home guaranty corporation) na govt owned and controlled corporation. nilagay niya ito sa name ng auntie ko dahil siya lang ang may work nung time na iyon which is required ng HGC. pero iyong dad ko ang nagbabayad nun, nasa name lang ng auntie ko. tapos last year my dad decided na ilipat na sa name ko iyon. so, nailipat ung name sa akin from my auntie by deed of assignment, ako nagcontinue ng payment hangang mag full payment. nung na full payment na at may deed of sale na. inayos na namin siya for the process of registration/transferring of title to buyers name. kaso nung sa BIR, sinabi nila na hindi daw ako ang original buyer, kundi ung auntie ko. so, i need to pay capital gains tax dahil sa pag transfer ng name ng auntie ko papunta sakin. kahit daw di ko naman binili iyong lupa from my auntie at trinansfer lang by deed of assignment at kahit ako daw nagtuloy ng bayad. kailangan ko daw magbayad ng capital gains tax dahil any form of sale, exchange or disposal of real propery ay subject to capital gains tax daw at nagiba daw ang name. iyong transaction daw from HGC to my auntie, DST lang daw ang babayaran at exempt sa ibang taxes dahil govt ung HGC, pero ung transaction from my auntie to me, individual to individual na daw. tama po ba na magbayad ako ng capital gains tax? un po palang TCT, sa HGC pa rin nakapangalan. salamat po.

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2 Re: do I need to pay capital gains tax? on Sun Feb 13, 2011 6:12 pm

attyLLL


moderator
too bad the bir found out. unfortunately, yes, cap gains is required.


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3 Re: do I need to pay capital gains tax? on Sun Feb 13, 2011 7:59 pm

lexa09


Arresto Menor
ganun po ba talaga iyon sir? kahit na di ko naman binili iyong lupa at nilipat lang sa akin, by deed of assignment? tapos ako ang nagtuloy ng bayad?salamat po.

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4 Re: do I need to pay capital gains tax? on Mon Feb 14, 2011 6:07 pm

attyLLL


moderator
yes, cap gains tax contemplates any transfer of interest in land. it may be worse if you claim you didn't pay for it because donor's tax will apply which can be higher.


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5 Re: do I need to pay capital gains tax? on Mon Feb 14, 2011 8:22 pm

lexa09


Arresto Menor
e sir, may nakita po kasi ako sa website ng BIR na exempted sa capital gains tax pag ung disposition ay gratuitous. ano po ba ibig sabihin nun? hindi po ba applicable un sa amin? salamat po.

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