Capital Gains Tax & Estate Tax

Posted in QA on March 7th, 2011 by admin | No comments
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A question on Capital Gains Tax & Estate Tax,

I bought a land 3 years ago but last july last year iIarranged a lady who can do the paper works for me for transferring the land tittle to the parcel of land I bought from my cousin which was their parents were both deceased. I want to know if what is the difference between the capital gain tax and estate tax? About the capital gain tax, the lady told me that she paid the capital gain tax(BIR) even i have no TIN number, is this possible or no? I hope you can help me about this matter.



Capital Gains Tax : tax imposed on the gains presumed to have been realized by the seller from the sale, exchange, or other disposition of capital assets located in the Philippines, including pacto de retro sale and other forms of conditional sale.

Estate Tax: tax on the right of the deceased person to transmit his or her estate to his or her lawful heirs or beneficiaries at the time of death and on certain transfers which are made by law as equivalent to testamentary disposition.

You have to personally check with BIR regarding your question on payment of Capital Gain Tax even if you don’t have TIN .

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