Batas PINOY Global
By: ATTY. ROGELIO N. WONG
“Laws relating to family rights and duties,or to
the status, condition and legal capacity of
persons are binding upon Filipino citizens, even
though living abroad.” (Article 15 Civil Code of the Philippines)
Q. Dear Atty Wong, I to solicit your thoughts in how to settle and partition the estate of our deceased parents. All of us siblings are in agreement that partition of the estate be based on equal sharing bases . I hope you’ll find time answering this request. Thank you
very much. Ms. SU.
ANS: As all the surviving heirs are in agreement to settle the estate of your deceased parents out of court , then you may ask your lawyer to prepare the Extrajudicial Settlement of Estate with Partition, assuming that all of the requisites below are present:
a.Deceased left no Will
b.Deceased left no Debt
c.Surviving children are of legal age
– Secure the necessary documents: Authenticated copy of the Death certificate from the Civil Registrar and/or the PSA; Certified true copies of the Tax Declaration Certificates of the properties and land/condo titles owned by the decedent; including an inventory of personal property, cash, jewelry, stocks, investments, etc., if any;
-Where the heirs agree to divided and physically partition the estate, engage the professional services of the Geodetic Engineer conduct the survey and to come out with Subdivision and Lot plan for each lot assigned to the heir with approved technical description from the Land Management Bureau(LMB-DENR).
-Publication of the Notice on the Settlement of estate of the deceased for 3 consecutive weeks in the newspaper of general circulation.
– Be handy and/or secure the Taxpayer Identification Number(TIN)- This is required for all person, (citizens/foreigners) that transact business with the government particularly the BIR.
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–Payment of TAXES:
-Payment of appropriate taxes with the BIR for the issuance of certificate authorizing registration(car) by the BIR:
a. Estate Tax= 6% of the fair market value, zonal value whichever is higher When to pay: Within one(1) year from the date of death of the deceased b. Documentary Stamp Tax(DST)=1.5% of the fair market value, zonal value whichever is higher. DST when and Where to File and Pay:
When filed: The return shall be filed within five (5) days after the close of the month when the taxable document was made, signed, issued, accepted or transferred or upon remittance by revenue collection agents of collection from the sale of loose documentary stamps.
The return shall be filed with the Authorized Agent Bank (AAB) within the territorial jurisdiction of the Revenue District Office where the residence or place of business of the taxpayer is located or where the collection agent is assigned. In places where there are no AABs, the return shall be filed directly with the Revenue Collection Officer (RCO) within the Revenue District Office which has jurisdiction over the residence or place of business of the taxpayer or where the collection agent is assigned.
When and Where to Pay: Upon filing of this return, the total amount payable shall be paid to the AAB where the return is filed within five (5) days after the close of the month when the taxable document was made. In places where there are no AABs, the tax shall be paid with the Revenue Collection Officer who shall issue an Electronic Revenue Official Receipt (eROR) therefor.
WAIVER of Rights in the Settlement of Estate: Payable only, in cases where an heirs waives or denounce his/her right in favor of other person. Donor’s tax= 6% of fair market value, zonal value whichever is higher. -When to pay : Donors are required to file a return and pay the full tax due within 30 days from the date the gift is made. For several gifts made in one calendar year, the donor is required to make a consolidated return within the same period after the date of each gift for the proper and complete computation of donor’s tax.
-Documentary Stamp tax =1.5% of the fair market value, zonal value whichever is higher.
–Assessor’s office , Secure certified true copy of the Tax Declaration Certificate(TDC) before proceeding to the BIR District office. For the payment of Transfer Tax ranging from – 0.5% to 0.75% of the Selling price, fair market value or zonal value whichever is higher.
Register of Deeds(RD) – Registration of the Extrajudicial Settlement of Estate with the Register of Deeds(RD) and the payment of Registration fee and for the cancellation of the old titles and the issuance of new titles in the name of the
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heirs or transferee . The registration fee is based on the graduated table of fees based on the Assessed Value of the Current year( See: LRA Circular 11-2002-(A1 0).
Xxxx xxx
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