BIR Ruling [DA-574-98]

December 23, 1998 BIR RULING [DA-574-98] Cruz and Cruz Law Offices Suite 804 Fedman Suites Condominium 199 Salcedo Street, Legaspi Village Makati City Attention: Atty . Estefano H . de la Cruz Gentlemen : This refers to your letter dated September 7, 1998 requesting in effect for a modification of BIR Ruling No. DA-386-98 dated August 21, 1998 issued in favor of your client, Dolina Property Ventures, Inc., granting your client an increase from P150,000.00 to P180,000.00 as the actual selling price per sale transaction of the units in their socialized housing project in Brgy. Marasbaras, Tacloban City; and that your request is anchored on the Certificate of Eligibility dated November 14, 1997 issued by the Home Insurance and Guaranty Corporation (HIGC) increasing the price ceiling of your said client's socialized housing project in Villa Dolina Subdivision located at Brgy. Marasbaras, Tacloban City, to a maximum selling price of P180,000.00, but limited only to House Model Regina with a floor areas of 21.35 square meters and lot area of 54 square meters. LLcd In reply, please be informed that your request to increase the selling price of your socialized housing project from P150,000.00 to P180,000.00 is hereby granted in view of the Certificate of Eligibility issued by the HIGC. Accordingly, the Certificate Authorizing Registration (CAR) shall only be issued after it is established upon proper verification by the Revenue District Officer (RDO) concerned that, considering the rules on valuation of real property, the actual selling price per sale transaction of the units in this case does not really exceed P180,000.00. It is, however, understood that apart from the increase in the selling price, the other items/conditions in the aforementioned ruling remains the same. This ruling is being issued on the basis of the foregoing facts as represented. However, if upon investigation, it will be disclosed that the facts are different, them this ruling shall be considered null and void. This modifies BIR Ruling No. DA-386-98 dated August 21, 1998. Very truly yours, (SGD.) BEETHOVEN L. RUALO Commissioner of Internal Revenue