RR No. 24-2002: Prescribes the information to be periodically required or obtained by the Commissioner of Internal Revenue relative to the registration/recording of transfers of real properties with the Register of Deed/Assessors, as well as provides for the manner of issuance of Certificate Authorizing Registration

Summary

RR No. 24-2002 prescribes the information the LRA, Registers of Deeds and Assessors periodically submit to the BIR on transfers of real property, and the manner of issuing the Certificate Authorizing Registration (CAR).

Key points

1. Monthly schedules from the LRA. The LRA gives the BIR National Office (Asset Valuation Division or equivalent) three monthly schedules on or before the 15th day of the following month: a summary list of blank OCTs/TCTs/CCTs issued to all RDs, a summary of titled property transfers per RD, and a summary of untitled property transfers under Act 3344. Each RD gives the same schedules to its BIR Regional Office (Assessment Division) for validation.
2. CAR information from RDOs. To ensure CARs are authentic, RDOs furnish the LRA/RD in their jurisdiction the serial numbers of blank CARs in advance, a monthly Summary List of CARs Issued, and copies of pertinent revenue issuances, and also submit the List of Countersigned CARs. Before a CAR is released, the sale or transfer documents are presented to revenue officers, who write the CAR information at the back.
3. CAR validity. A CAR is valid for one (1) year for presenting to the RD. It may be revalidated, but total validity cannot exceed two (2) years from the date of issuance.
4. Conditions for registration. The RD registers no document transferring real property unless the Commissioner or an authorized representative has certified that the transfer was reported and that any final capital gains tax, creditable withholding tax, estate tax, donor’s tax or documentary stamp tax has been paid. The Assessor’s Office registers no transfer of untitled property without proof that the document passed through the RDs.
5. Audit and old CARs. The BIR regularly inspects and audits the records of the LRA, RDs and Assessors. CARs more than two (2) years old must be revalidated within 60 days from effectivity of the Regulations and presented to the RD within thirty (30) days from revalidation.

Who is affected

• Land Registration Authority
• Registers of Deeds
• City and Municipal Assessors
• Revenue District Officers
• Taxpayers presenting CARs

Deadlines and effectivity

• LRA schedules: on or before the 15th day of the following month
• CAR validity: one (1) year, up to two (2) years with revalidation
• CARs over two (2) years old: revalidate within 60 days from effectivity
• Present to RD within thirty (30) days from revalidation

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