Ginoong Valdez is a resident citizen. He owns a condominium unit in Mexico where he used to stay when he visits Mexico. He purchased the unit for P8,000,000 in July 2019. 

In early 2020, he sold the unit for P10,000,000, which he utilized in full to purchase a house and lot in Greenhills, San Juan. He, then, used it as his principal place of residence. 

How much is the income tax due arising from this sale?

Answer rating: 100% (QA)

As a resident citizen of the Philippines Ginoong Valdez is subject to Philippine income tax on his w... View the full answer