LIMMICM

thank you boss, medyo malaki din pala magagastos

basically, deed of donation yan, which will be subject to donor's tax (under the TRAIN law, the tax rate is 6% of the zonal valuation or current market value, whichever is higher); plus documentary stamp tax, at transfer tax (ang transfer tax sa LGU naman). Dati, you could opt for a Deed of Sale (which was subject to a 6% capital gains tax) as the rate for donor's tax was graduated. Now, its a flat rate of 6%, so wala nang pinag-iba, whether donation whether sale, pareho 6%

 

Look up the zonal valuation of the property at the BIR website (usually, di na sila nag-iimbestiga kung ano ang market value, happy na sila sa valuation nila) to have an idea of how much the BIR thinks property costs (note that the zonal valuation is only for land, buildings and structures on the land will further jack up the value of the property).

 

After executing the Deed of Donation, you get a clearance from the BIR, then submit your documents to the Register of Deeds of the place where the property is located.

 

Around 10-15% of the value of the property would be a good estimate of the expenses you will incur.

Hi, how is the process of transferring the name in the TCT from my mother to us siblings? We are 3 and all are married, the property is 110 square meters located in the City of Manila, the value of the property is about 5million pesos. please advise and how much estimate will we need. thanks.