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How much is capital gain tax exemption

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Reference no: EM132818483

Problem 1: The official residence of a resident citizen with carrying cost of P5,000,000 was sold for P10M when the zonal value of same property was P12M. If the proceeds were all used for the acquisition of his new family home within the 18 month period, how much is his capital gain tax exemption?

Group of answer choices

Option 1: 300K

Option 2: 720K

Option 3: 420K

Option 4: 600K

Reference no: EM132818483

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