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In line with the BIR's efforts to promote the delivery of quality service to all stakeholders, all One-Time Transaction (ONETT) Teams are hereby directed to create a fast lane that will cater to individuals or corporations filing Capital Gains Tax or Donor's Tax Returns with only one (1) Deed of Sale/Exchange/Donation ...
It is calculated by subtracting the asset's original cost or purchase price (the \u201ctax basis\u201d), plus any expenses incurred, from the final sale price. For long-term capital gains \u2014 on assets owned for over a year \u2014 special rates apply.
You can't deduct Stamp Duty from Income Tax, even on buy-to-let properties. However, you can deduct it from your taxable gains to reduce the Capital Gains Tax you pay when you sell a property. Stamp Duty exemption areas don't exist. Whether you qualify for an exemption depends on your situation and your property value.
Who Pays Capital Gains Tax in PH, the Buyer or Seller? Since capital gains tax is applied to the sale of capital assets, paying it is obviously the responsibility of the seller.
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To calculate the capital gain and capital gains tax liability, subtract your adjusted basis from the sales price of the property, then multiply by the applicable long-term capital gains tax rate: Capital gain = $134,400 sales price - $74,910 adjusted basis = $59,490 gains subject to tax.
Official Receipt/Deposit Slip and duly validated return as proof of payment; (One (1) original copy and two (2) photocopies) Duly Notarized Special Power of Attorney (SPA) for the transacting party if the latter is not one of the parties to the Deed of Transfer; (One (1) original copy and two (2) photocopies)
Imposed on net gains or presumed gains The rate is 6% capital gains tax based on the higher amount between the gross selling price or fair market value. In computing the capital gains tax, you simply determine the higher value of the property, and simply multiply the same with 6%.
The definition is pretty simple: It's the difference between what you paid for a capital asset (like bonds, mutual funds, real property, or stocks) and what you sold it for.
Property sellers are subject to capital gains tax rate of six percent on the sale of a real property. With the TRAIN law, individual and domestic corporations must pay capital gains tax at 15 percent. Payment should be within 30 days after the sale of the capital assets.

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