Stamp tax on deeds of sale and conveyance of real property.
Section 233
SEC. 233. Stamp tax on deeds of sale and conveyance of real property. — On all conveyance, deeds, instruments, or writings, other than grants, patents, or original certificates of adjudication issued by the Government, whereby any lands, tenements, or other real property sold shall be granted, assigned, transferred, or otherwise conveyed to the purchaser or purchasers, or to any other person or persons designated by such purchaser or purchasers, there shall be collected a documentary stamp tax at the following rates: (a) When the consideration, or value received or contracted to be paid for such real property, after making proper allowance for any encumbrance, exceeds two hundred pesos and does not exceed one thousand pesos, fifty centavos. (b) For each additional one thousand pesos, or fractional part thereof in excess of one thousand pesos of such consideration or value, one peso. When it appears that the amount of the documentary stamp tax payable thereunder has been reduced by an incorrect statement of the consideration in any conveyance, deed, instrument, or writing subject to such tax, the Collector of Internal Revenue, provincial or city treasurer, or other revenue officer shall from the assessment rolls or other reliable source of information, assess the property at its true market value and collect the proper tax thereon.