Melissa inherited from her father a 300-square-meter lot. At the time of her father's death on March 14, 1995, the property was valued at P720,000.00. On February 28, 1996, to defray the cost of the medical expenses of her sick son, she sold the lot for P600,000.00, on cash basis. The prevailing market value of the property at the time of the sale was P3,000.00 per square meter. Is Melissa liable to pay capital gains tax on the transaction? If so, how much and why? If not, why not? Is Melissa liable to pay Value Added Tax (VAT) on the sale of the property? If so, how much and why? If not, why not?