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Deed of Sale questions

sourcing.pro · 19 · 6547

sourcing.pro

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on: Apr 12, 2013, 03:08 PM
Hi!

After paying the seller the Manager's Check on the sale of property, does the BIR require a xerox copy of the manger's check as proof of payment to the seller?

Thanks!


naldcagape

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Reply #1 on: Apr 13, 2013, 08:45 AM
Yes and acknowledgement receipt/official receipt.


bauer

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Reply #2 on: Apr 14, 2013, 12:03 AM
Hi!

After paying the seller the Manager's Check on the sale of property, does the BIR require a xerox copy of the manger's check as proof of payment to the seller?

Thanks!

Not required.  a notarized deed of absolute sale is more than sufficient for the BIR.  Likewise, in tax assessment, the deed of sale is just a reference point only by the BIR so why does it need an MC to check and validate?


naldcagape

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Reply #3 on: Apr 14, 2013, 05:40 PM
Actually, some RDO's require it. They are not saying why but I think it's their way of verifying a cash sale and an instalment sale or maybe to make sure there is no undervaluation being done. Of course it's easy to just break down the MC to 2 checks so I think it's the first reason.


bauer

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Reply #4 on: Apr 15, 2013, 12:57 PM
I do not suggest to anyone to provide an MC just because an RDO officer requested such info.

It will or might open a floodgate of new problems for the buyers!


grandestan

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Reply #5 on: Apr 17, 2013, 12:11 PM
agree with mr. bauer.whatever amount we put in deed of sale, BIR will always follow their own computation based on whichever is higher among 1. selling price in deed of sale  or 2. zonal value for land  plus tax declaration for improvements.


mxherr5

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Reply #6 on: Apr 17, 2013, 01:58 PM
I do not suggest to anyone to provide an MC just because an RDO officer requested such info.

It will or might open a floodgate of new problems for the buyers!
sort of out of topic but what kind of problems would this cause
for us(buyers?) Aside from paying a small fee for the manager's check


naldcagape

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Reply #7 on: Apr 17, 2013, 07:51 PM
If it's a straight cash sale and the deed of sale is not undervalued, I don't see a problem.

If the deed of sale is undervalued, BIG PROBLEM! Most likely, you'll be charged with tax evasion and falsification.

If it's instalment sale and you have already paid more than 25% of the price years ago but you haven't paid capital gains tax, then there are tax penalties.


cedrick.img

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Reply #8 on: May 09, 2013, 01:58 PM
Hi!

After paying the seller the Manager's Check on the sale of property, does the BIR require a xerox copy of the manger's check as proof of payment to the seller?

Thanks!

 No need for the cheque(s).  Deeds of absolute sale is enough  for paying the taxes in BIR.. because they have their own computation to the value(zonal value)of the property even you buy it cheaper than the original price...


cedrick.img

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Reply #9 on: May 09, 2013, 02:00 PM
No need for the cheque(s).  Deeds of absolute sale is enough  for paying the taxes in BIR.. because they have their own computation to the value(zonal value)of the property even you buy it cheaper than the original price...

   along with other supporting documents like tax declaration and tax clearance that you can get in the municipality... etc....


naldcagape

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Reply #10 on: May 10, 2013, 05:42 PM
No need for the cheque(s).  Deeds of absolute sale is enough  for paying the taxes in BIR.. because they have their own computation to the value(zonal value)of the property even you buy it cheaper than the original price...
have you processed taxes in the BIR? they don't just use the zonal value.


cedrick.img

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Reply #11 on: May 11, 2013, 09:00 AM
have you processed taxes in the BIR? they don't just use the zonal value.

 yes... Always... :D


naldcagape

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Reply #12 on: May 11, 2013, 09:50 AM
I'm surprised. If the BIR always the zonal value in your case, I'm inclined to think you are always under-declaring the sale price. That is not good practice. I know you can buy below zonal value but do you always sell below zonal value?


cedrick.img

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Reply #13 on: May 11, 2013, 09:58 AM
I'm surprised. If the BIR always the zonal value in your case, I'm inclined to think you are always under-declaring the sale price. That is not good practice. I know you can buy below zonal value but do you always sell below zonal value?

No... depends to my boss hehehehe (my sister) :D


matiaski

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Reply #14 on: May 20, 2013, 12:27 PM
Hi!

After paying the seller the Manager's Check on the sale of property, does the BIR require a xerox copy of the manger's check as proof of payment to the seller?

Thanks!

Depende sa RDO. Like RDO 28, they require photcopy of MC's. so pag may discrepancy mag kaka problem kayo.


 


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