I have been into blogging for almost one year right now and glad that I am learning new things and enjoying exploring about it.
I am one of the bloggers who had been benefited receiving tokens, prizes and discounts through blogging and joining some events and contest online hosted by the generous bloggers.
It is true that there are things that you don’t expect it will come or happen into your life. One day there is one person who told me that I have the talent in blogging and willing to manage my site. (http://duldulao.net/). I was speechless on that time because it is unexpected for me because the fact that I am still new in blogging.
Well, that person is really a generous one who don’t expecting in return from me but expecting from God in return for the generousity of that person.
And I believe that the person will not become weary in doing good, for at the propert time will reap the harvest without giving up.
Three year ago, I was assigned to researched the tax implications or tax treatment on the Net Capital Gains on Assignment of Rights and Interest on Sale of Investment in Property through the Internet (for tax rulings & supreme court decisions), interviews and inquiries to professionals and officers of internal revenue. The Investment in Property is a certain unit(s) in a building which is classified as Capital Asset.
As a result, the Net Capital Gains on Assignment of Rights and Interest on Sale of Investment in Property is subject to six (6) percent Capital Gains Tax.
Capital Gains Tax is a 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 sales and other forms of conditional sale.
The Net Capital Gains is computed by the Net Sale of the Investment in Property less Cost of Investment in Property.
The Tax Form needed in paying the 6% Capital Gains Tax is BIR Form No. 1706. Other requirements includes one original copy and one photocopy of notarized Assignment of Rights and Interest and other requirements may be requested for presentation.
The deadline is within 30 days after each sale of real property and file or pay the Capital Gains Tax Return with the Authorized Agent Bank (AAB) in the Revenue District. File the return in triplicate (two copies for the Bureau of Internal Revenue (BIR) and one copy for the taxpayer.
The Capital Gains Tax is a final tax.