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RMC No. 35-2014: Circularizes relevant portions of Housing and Urban Development Coordinating Council (HUDCC) Resolution No. 1, Series of 2013, approving the adjustment of the price ceiling for socialized housing

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Summary

RMC No. 35-2014 circularizes relevant portions of HUDCC Resolution No. 1, Series of 2013, which adjusts the price ceiling for socialized housing.

Key points

  1. New price ceiling. The adjusted price ceiling of P 450,000.00 for horizontal socialized housing applies to sales of real properties used for socialized housing under Republic Act (RA) No. 7279, the “Urban Development and Housing Act”, and other related laws.
  2. Amended issuances. All revenue issuances that specifically mention the old price ceiling, such as RR No. 2-98 as amended by RR No. 17-2001 and RR No. 16-2005, are amended or modified accordingly.

Who is affected

  • Sellers of real properties used for socialized housing

Deadlines and effectivity

  • Applies beginning December 18, 2013
  • Issued May 8, 2014

Summary by Tax Resources PH. It is not a substitute for the full text of the issuance or professional advice.

Related issuances

CitesRR No. 02-98RR No. 16-2005RR No. 17-2001

Copies of BIR issuances are hosted here for reference. For the official version, check bir.gov.ph. Summaries by Tax Resources PH are not a substitute for the full text or professional advice.