Mr. Lolong, a supervisory employee, received the following income in 2015: Gross compensation income, before contributions to SSS, PhilHealth, and HF totaling P 124,000 P 800,000 Fringe benefits 200,000 Gain from redemption of shares in a mutual fund 100,000 Commission income 150,000 Gain on sale of stocks through the PSE 400,000 Determine the total income to be reported by Mr. Lolong in gross income. a. P 1,526,000 c. P 1,026,000 b. P 1,426,000

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Capital Gain

Any capital asset when sold can give the seller a higher or lower price from its purchase price leading to a capital gain or capital loss. The time period of holding an asset is decided based on if it is a long term or short-term capital gain. On that basis, the rate of taxation is decided if it is 20%, 15% or according to the tax brackets. The rate of taxation differs in the case of equity or debt, whether long or short term. The capital gain can be adjusted from capital loss to arrive at a net capital gain. The amount of gains and the exemption has to be reported in the tax return filed in the financial year in which the asset was transferred. The tax return can be filed quarterly, monthly, semi-annually or annually.