BIR Ruling No. 458-11

November 24, 2011 BIR RULING NO. 458-11 Suarez and Reyes Law Office 2111 BSA Suites, 103 C. Palanca Street, Legaspi Village, Makati City 1229 Attention: Ramoncita V. Reyes Managing Partner Gentlemen : This refers to your letter dated September 3, 2010 requesting for a ruling that the transfer of limited and common area of the condominium project known as Doa Felisa 1 from your client, AMALGAMATED DEVELOPMENT CORPORATION, to Doa Felisa 1 Condominium Corporation is not subject to Capital Gains Tax and Documentary Stamp Tax. In reply, please be informed that with the issuance of Revenue Memorandum Order (RMO) No. 18-2009 ("An Order Dispensing the Necessity of Securing a Ruling from the Bureau of Internal Revenue as a Requisite for the Issuance of CAR/TCL on the Conveyance of Land and Common Areas by the Real Estate Developer to the Condominium Corporation Organized in Accordance with the Provisions of Republic Act No. 4726 for the Purpose of Holding Title to and Managing and Maintaining the Land and the Common Areas for the Benefit of the Condominium Unit Owners, as well as Prescribing the Policies and Guidelines to be Observed in the Issuance of CAR/TCL in Respect Thereto") dated April 26, 2009, the subject matter of your request is unnecessary. Inasmuch as your query falls within the ambit of RMO 18-2009, you are advised to comply with the requirements prescribed under the said Revenue Memorandum Order. cHATSI Very truly yours, (SGD.) KIM S. JACINTO-HENARES Commissioner of Internal Revenue