capital gain tax

Hello,

Just a query, i bought this piece of land back in may 2016, the deed of sale was signed by the seller on the same date and was notarized last june 2017 since i get to go home only once a year. Didn't know anything about this penalties and due dates when to pay the capital gain tax and document stamp tax until i went to BIR last April 2018.. boom! as per computation, my penalties was around 42k! Good God! do you think it is still possible for us (seller and buyer) to execute a new deed of sale to avoid the penalties from BIR? Your response is appreciated.

Thanks!

Payment of Capital Gains:

to compute it, we need to have the following.
1.What is the  acquisition cost of the land per your Deed of Sale (Assumed 400,000
2.What is the Schedule of Market Value Land as stated in the Tax Declaration IN THE YEAR OF SALE.( 300,000)
3. What is the ZONAL VALUATION OF THE PROPERTY ACCORDIDNG TO THE BIR, where the land you bought is situated. (500,000)

The amount I place after each questions are assumed for illustrative purposes>
You will note that the the highest of the three amount is Php 500,000

Here is how to compute :
Capital Gains 500,000 x 6% or                                                      Php 30,000
Doc Stamps   500,000 x 1.5% or                                                         7,500
Total payable to BIR                                                                     Php 37,500
Add 25% surcharge of not paying on time 25% of 37,500                      9,375

Interest at 20% per annum or:


                       year        Month      day
Date computed  2018         10           12
Date notarized   2017           6          12 (assumed as there is no date mentioned)
Period.time unpaid   1 yr       4 mos or 1.333 in decimals

To compute interest on 37,500:
37,500 x 20% or   for one year                                                   Php  7,500
7,500.00 divided by 12 months x or 625 per month x 4 months or             2,500.00
Interest alone is                                                                         Php10,000.00

Add 30,000 + 7,500+ 9,375 + 10,000 or                                  Php 56,875.00


I would presume that the amount of your Deed of Absolute Sale is lower than the amount I used in my illustration.  However,if you need further  clarification, I need to have the factual information I asked above.  Please feel free to write it down for the benefit of our  viewing  public.