On August 15, 2020, Mr. Neji, sold 500 square meter residential land for P350, 000. The land was acquired in 1999 for P200, 000 and classified as capital asset. On the date of sale the fair market value as shown in the real property declaration is P250,000 and the assessed value amounts to P75,000. The zonal value is P700 per square meter. What is the capital gain tax?

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Calculating Mr Nejis Capital Gains Tax We need to determine the highest value am... View the full answer