Gains Derived by the Religious of the Virgin Mary from Sale of Real Property Not Subject to Final Capital Gains Tax

September 13, 1985 BIR RULING NO. 159-85 34-h 163-83 159-85 Gentlemen : In reply to your letter dated September 11, 1985, I have the honor to inform you that Revenue Regulations No. 8-79 implementing Section 34(h) of the Tax Code, as amended by Batas Pambansa Blg. 37 is explicit that only natural persons or individuals are liable to the final capital gains tax prescribed therein. Such being the case, the gains derived by your client, the Religious of the Virgin Mary from the sale of its real property in Balanga, Bataan is not subject to the final capital gains tax prescribed by Section 34(h) of the Tax Code, as amended by Batas Pambansa Blg. 37 but to the ordinary corporate income tax under Section 24(a) of the same Code, as amended. cdtech Very truly yours, (SGD.) RUBEN B. ANCHETA Acting Commissioner