Person Whose Only Income is the Rentals of P100.00 or P300.00 a Month Derived from the Lease of His House

October 10, 1960 BIR RULING NO. 449-60 Mr. Vitallano S. Tujan 414-B Gen. Maxilom Avenue Cebu City S i r : Reference is made to your letter dated August 26, 1960 requesting information whether or not a person whose only income is the rentals of P100.00 or P300.00 a month derived from the lease of his house is required to file with his income tax return a balance sheet and profit and loss statement. In answer thereto, I have the honor to inform you that, as the income of the person referred to by you is not in excess of P5,000.00 a quarter, he need not file with his income tax return a balance sheet and profit and loss statement. However, he should file a statement of net worth and operations, pursuant to section 6 of Revenue Regulations No. V-1, otherwise known as the Bookkeeping Regulations, as amended. lexlib Very truly yours, MELECIO R. DOMINGO Commissioner of Internal Revenue