Rock Lee is a resident of Mankayan, Benguet. He sold his family home for P4,000,000 which was previously acquired for P2,000 000. Rock Lee complied all BIR requirements to avail of tax exemption and spent P2, 500, 000 in acquiring new family home. How much is the capital gain tax to be paid by Mr. Rock Lee?

Answer rating: 100% (QA)

Capital gain can be calculated by using the formul... View the full answer