Housing developer Johndorf Ventures launched yesterday its Simplex 1-Mactan subdivision project in Suba Basbas in Lapu-Lapu City.
Johndorf says its project is 100 percent socialized housing and that units are already available for occupancy. The subdivision is located near Plantation Bay in Marigondon.
Some units may be availed of through the Pag-ibig housing program for only 1,900 pesos monthly. (Read Pag-ibig’s housing loan guidelines.)
They say the best evidence of property ownership is a Torrens title because it is both indefeasible and imprescriptible.
As an indefeasible and imprescriptible document, a land title can neither be annulled or voided nor subjected to prescription.
Hence, a good rule to follow when acquiring property would be to buy only those covered by an original certificate of title (OCT) or transfer certificate of title (TCT).
Realtor Wilfredo G. Montuerto, who is the managing broker of the Montuerto Realty Development Corp., said during a lecture on real estate appraisal that he discourages clients from buying properties covered only by tax declarations.
If you’ve made that big decision to buy a house, chances are you’re also already choosing from the many possible financing options available to you because, let’s face it, only a few people can afford to pay cash for big purchases like property acquisitions.
One alternative that private sector employees should consider when acquiring a house and lot is to take out a housing loan from the Home Development Mutual Fund (HDMF), more popularly known as Pag-ibig Fund.
Republic Act 7742 has made membership in the fund mandatory for private sector employees earning 4,000 pesos and above. If you’ve been contributing religiously to the fund for at least two years, you probably quality for that loan.
Pag-ibig Fund allows borrowing of up to 2 million pesos to fund any of the following:
* purchase of a fully developed lot in a residential area
* purchase of a lot and construction of a house on it
* purchase of a house and lot, townhouse, or condo unit
* construction of a house on a lot owned by the member
Posted in Computations, Properties, Tips
Tagged HDMF, housing-loan, pag-ibig-guideline, pag-ibig-housing-loan, pagibig, Properties, property
Jose Reyes, who works in a call center in Cebu City, has been transferred to his company’s main branch in Manila. He wants to move for good and sold his house and lot in a subdivision in Lapu-Lapu City for 2.5 million pesos.
How much is he required to pay in taxes to government for the sale?
The computation of his tax due depends on whether his property is a capital asset or an ordinary asset.
Capital assets refer to properties that are not used in connection with trade, business, or as an income source by the owner.
An example of a capital asset would be a residential house and lot “actually” used as residence by the owner.
On the other hand, properties used in trade or business or as a source of income by the owners are considered ordinary assets.
The applicable tax in the sale of capital assets is the capital gains tax. The tax rate is 6 percent of either the “price per deed of sale” or “zonal value” in case of land.
Government, in deciding which of the price or the zonal value (fixed by the local government unit) to use as basis in the computation of taxes, always goes for the higher amount.
Posted in Computations, Terms, Tips
Tagged capital-gains, cebu, cebu-city, creditable-withholding, documentary-stamps-tax, DST, fair-market-value, real-estate-tax, transfer-tax, zonal-value