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My Dad died in 1979 and my Mom died in 2000 leaving no Will on Real Estate situated in Manila. I understand that the Estate Tax for this property is not covered under the New Train Law. Will the rates mentioned above be use in the computation of the Estate Tax. How about the valuation of the property?
Will it be valued based on the current market value or the market value at the time of death of my DAD and/or Mom? Thank you very much and God Bless. (TIM)
There is an on going tax amnesty today, with limited time period. I hope you can be able to settle it.