A resident citizen taxpayer sold a principal residence located in the Philippines. Other data regarding the sale are as follows: Selling price - P5,500,000 Fair market value - 6,000,000 Zonal value - 5,850,000 Expenses on sale - 275,000  The individual taxpayer was able to comply all the requirements for exemption, however, the new principal residence was bought for P4,125,000. Compute for the capital gains tax.

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