What is the amount of capital gain tax

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Reference no: EM133279699

CASE: The following are the transaction of JOSH, an individual taxpayer pertaining to sale of real properties for the current year.

(a) Sale of a parcel of land used in his trading business. Selling price is P3,000,000. The property was acquired five years ago at P1,500,000.

(b) Sale of the taxpayer's residential lot for P5,000,000. the fair market value of the property was P6,000,000. The property was acquired three years ago at P4,000,000.

Question 1. What is the amount of capital gain tax for these real estate transactions?

Question 2. Assume that the residential lot in transaction (b) was sold at P3,000,000. What should be the correct amount of capital gains tax on the transaction?

Reference no: EM133279699

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