Revenue District Office No. 28 – Novaliches Office Address: 122 West Venue Building, West Avenue, Quezon City Revenue District Officer: LEONORA R. RUIZOL e-mail: direct no.: 929-7380 fax: Assistant Revenue District Officer: RODEL S. BUENAOBRA e-mail: direct no.: 929-40-62/929-79-81 Area of Jurisdiction: Comprised of Barangays Capri, Sta. Monica, Sta. Lucia, San Bartolome, San Agustin, Sauyo, Kaligayahan, Gulod, Novaliches Proper, Nagkaisang Nayon, Talipapa, Pasong Putik, Bagbag, Commonwealth (westside only of Don Mariano Ave. and Litex Road), Culiat (northside only of Tandang Sora Avenue), Fairview, Holy Spirit, Pasong Tamo, Sangandaan, Tandang Sora (northside only of T. Soda Ave.), New Era, Binuksuk and Damong Maliit. --------------------------Capital Gains Tax Return for Onerous Transfer of Real Property Classified as Capital Asset (both Taxable and Exempt) Description This return is filed by all persons (natural or juridical) whether resident or non-resident, including Estates and Trusts, who sells, exchanges, or disposes of a real property located in the Philippines classified as capital asset as defined under Sec. 39 (A)(1) of RA 8424 for the purpose of securing a Tax Clearance Certificate to effect transfer of ownership (title) of the property from the seller to the buyer. However, filing of the return is no longer required when the real property transaction involves the following: - it is not classified as a capital asset - not located in the Philippines - disposition is gratuitous - disposition is pursuant to the Comprehensive Agrarian Reform To be filed with the RDO having jurisdiction over the place where the property being transferred is located. Filing Date - Filed within thirty (30) days following each sale, exchange or disposition of real property - In case of installment sale, the return shall be filed within thirty (30) days following the receipt of the 1st downpayment and within thirty (30) days following each subsequent installment payment - One return is filed for every transfer document regardless of the number of each property sold, exchanged or disposed of. ---------------------------13.) What is the basis in the valuation of property? 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. ------------------------------------21.) What is a Certificate Authorizing Registration? Certificate Authorizing Registration (CAR) is a certification issued by the Commissioner or his duly authorized representative attesting that the transfer and conveyance of land, buildings/improvements or shares of stock arising from sale, barter or exchange have been reported and the taxes due inclusive of the documentary stamp tax, have been fully paid. With the implementation of the Electronic Certificate Authorizing Registration (eCAR) System, the CAR shall now be electronically generated. ---------------------------------22.) What is eCAR System? eCAR stands for Electronic Certificate Authorizing Registration. A web-based facility that automates the generation of CAR with barcode, eCAR will also enable electronic linkage between the BIR and the Land Registration Authority. (Participant Guide) eCARs shall have a validity of one (1) year from date of issue. For other manually issued CARs that are outstanding and not yet presented to the Register of Deeds, i.e., CARs more than one (1) year from the date of issuance which are due for revalidation and expired CARs which are more than two (2) years from the date of issuance, are not anymore valid for presentation to the Registry of Deeds. The said CARs shall be replaced with an eCAR by the concerned Revenue District Offices or Large Taxpayers Divisions. A certification fee shall be charged for each released eCAR issued/reprinted after affixture of P15.00 Documentary Stamp Tax on Certificates (Sec 188 of the NIRC of 1997) and the prescribed Certification Fee of One Hundred Pesos (P100.00) under Executive Order No. 197 to the taxpayer/authorized representative.