Capital Gains Tax Return

Jun 29th, 2015
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Where ownership of the land and the dwelling house thereon belongs to different persons, e.g., where the land is leased to the dwelling house owner, only the dwelling house shall be treated as Principal Residence of the dwelling house owner.

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November 20, 2000REVENUE REGULATIONS NO. 14-00 SUBJECT:Amending Sections 2(2), 3 and 6 of Revenue Regulations No. 13-99 vis-a-vis Sale, Exchange or Disposition, by a Natural Person, of His "Principal Residence"TO:All Internal Revenue Officers and Others Concerned SECTION 1.Scope. - Pursuant to the provisions of Section 244, in relation to Section 24 (D) (2) of the National Internal Revenue Code of 1997 , these regulations are hereby promulgated in order to streamline and make more efficient the collection of the capital gains tax, if any, presumed to have been realized from the sale, exchange or disposition, by a natural person, of his "Principal Residence." HCSEITSECTION 2.Amendments. -2.1.Section 2 (2) of Revenue Regulations No. 13-99 is hereby amended, to read as follows:"(2)Principal Residence. - (a) The term "Principal Residence" shall refer to the dwelling house, including the land on which it is situated, where the husband and wife or an unmarried individual, whether or not qualified as head of family, and members of his family reside. Actual occupancy of such principal residence shall not be considered interrupted or abandoned by reason of the individual's temporary absence therefrom due to travel or studies or work abroad or such other similar circumstances. Such principal residence must be characterized by permanency in that it must be the dwelling house in which, whenever absent, the said individual intends to return. EICDSA"(b)Where ownersh

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