How much is the capital gains tax?

Should the return be filed only on November 29, 2022, how much is the total amount due exclusive of compromise penalty?

(Income Taxation Philippines) On August 31, 2022, Jackie agreed to purchase a parcel of land for P1,000,000 which the seller considered as a capital asset. The deed of absolute sale, however, was processed and dated on September 15, 2022. The land was valued at the following: 

• Appraised value - 1,200,000
• Zonal value - 900,000
• Assessor's value - 800,000
• Seller's tax basis - 500,000

Answer rating: 100% (QA)

In the context of the Philippines the capital gains tax is imposed on the gains presumed to have bee... View the full answer