Tax Exemption on the Proceeds of the Sale of Land to the Government
BIR Ruling No. 598-59 • Bureau of Internal Revenue (BIR) Issuances • Rulings (Numbered) • Nov 27, 1959
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November 27,1959 BIR RULING NO. 598-59 Mr. Julio T. de la Cruz Suite 38 San Luis Bldg. Corner Florida & San Luis Streets Ermita, Manila S i r : In answer to your letter dated November 23, 1959, requesting information as to whether or not the proceeds of the sale of your client's land, should he decide to sell the same to the Government under the provisions of Republic Act No. 1162 as amended by Republic Act No. 1599, would be exempt from the income tax, I have the honor to inform you that said proceeds are exempt from income tax, pursuant to Section 22 of Republic Act No. 1400. Very truly yours, (SGD.) MELECIO R. DOMINGO Commissioner of Internal Revenue
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