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How much shall be subject to transfer tax

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Reference no: EM133051455

Question - Answer the following while applying the Philippine laws of business taxation (Train Law,Create law, etc.)

Cruz sold a certain property for P100,000. At the time of sale, the property had a fair value of P500,000. The property was previously acquired at cost of P40,000. For taxation purposes, how much shall be subject to transfer tax (in this case, donor's tax)?

a. P40,000

b. P100,000

c. P400,000

d. P460,000

Reference no: EM133051455

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