A resident citizen taxpayer sold a principal residence located in the Philippines. Other data regarding the sale are as follows:

1. Selling price - P5,500,000
2. Fair market value - 6,000,000
3. Zonal value - 5,850,000
4. Expenses on sale - 275,000
5. 
   
6. The individual taxpayer was able to comply with all the requirements for exemption, however, the new principal residence was bought for P4,125,000.
7. Compute for the capital gains tax.

Group of answer choices

1. 1. 288,000
2. 2. 90,000
3. 3. 360,000
4. 4. 72,000

Answer rating: 100% (QA)

Here Net selling price P 5225000 Fair market value P 600000... View the full answer