BIR Ruling No. 112-83
BIR Ruling No. 112-83 • Bureau of Internal Revenue (BIR) Issuances • Rulings (Numbered) • Jun 24, 1983
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June 24, 1983 BIR RULING NO. 112-83 S i r : In reply to your letter dated January 18, 1983, please be informed that your client, Mr. Luis M. Gonzales is exempt from the capital gains tax on the gains derived from the yearly installments paid by his tenant-purchaser as a result of the sale of his land under the Land Reform Program of the Government pursuant to Presidential Decree No. 57, amending Presidential Decree No. 27, which reads as follows: "1. The landowner shall be exempt from the capital gains tax on the proceeds of the amortizations paid him by the tenant-purchaser and likewise from income tax due on the accruing interests paid as an addition to the total cost of the land." Very truly yours, (SGD.) RUBEN B. ANCHETA Acting Commissioner Bureau of Internal Revenue
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