Gain Tax and Documentary Stamp
I am so dumb!
I assume this house years ago and since I don't have work at that time I assumed the house, I and the previous owner of the house, made an agreement that I will be paying him directly with Deed of Sale and Special Power Attorney, it was legal however Pag Ibig won't honor the papers for me to change the name. I have to process their papers for me to get approval and such.
So just recently I decided to get through the papers they need me to comply with. Everything went on smoothly except the last part. The Gain Tax and Documentary Stamp.
I paid for the Declaration of Tax for about almost P 50,000 last December. I was so excited to submit all the papers I have from Pag Ibig in BIR but when they computed my Gain Tax and the Documentary Stamp, it reaches almost P 120,000. I was very surprised!
I asked them why it reaches to that amount, they said it's the zonal value, the property in this subdivision is too high and that affects the zonal value.
I don't have that certain amount, I really thought it was only about P37,000 but I was wrong. Now I have to save more money to pay for it. I hope I can pay it the right time. I am really hoping. God help me!
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