BIR Ruling No. 304-61
BIR Ruling No. 304-61 • Bureau of Internal Revenue (BIR) Issuances • Rulings (Numbered) • Jun 13, 1961
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June 13, 1961 BIR RULING NO. 304-61 Reference is made to your letter . . . , requesting opinion on the following: cdll "I bought the following properties of: 1. Febe Horalde, Manila, March 10, 1960. Redeemed plus 1% per month March 7, 1961; 2. Luisa O. Roxas, Q.C. February 6, 1961 Redeemed plus 1% per month April 14, 1961; and 3. Segundo Javier, Manila, April 20, 1961 Not yet redeemed. The properties above were bought in an extrajudicial auction sale under Act 3135 as amended. I intend to keep those properties. I have no intention of selling. However, the mortgagor's right to repurchase when exercised creates another situation. llcd First did I become a REAL ESTATE DEALER in the reconveyance of the property to the former owner. I am told that all taxes if paid by the highest bidder will be reimbursed by the redemptioner plus 1% per month. If I become a DEALER at the instance of the redemptioner can I ask him to foot the dealer's fixed tax on the repurchased property." In answer thereto, I have the honor to inform you that the reconveyance of property by the purchaser thereof in a foreclosure sale under Act No. 3135 to the mortgagor thereof as a result of the latter's exercise of his right of redemption does not constitute the former a real estate dealer. LibLex
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