6) Shan died on 15 June 2019 leaving the following assets, the cost and market value of the assets are: Market value() Cost () Motor car 40,000 25,000 Residence 100,000 350,000 Shares of Quoted company 20,000 50,000 Shares of Unquoted company 150,000 380,000 Cash 10,000 Life Insurance Policy 90,000 Holiday villa 300,000 550,000 Shan borrowed loan Repayment mortgage) of 200,000 for the Residence. On the date of death the remaining loan was 75,000. Also, he borrowed 150,000 (Endowment mortgage) for the Holiday villa and the loan outstanding on the date of death was 80,000. Shan took insurance from a Government insurance company and paying insurance of 20,000 per annum from last 4 years. The market value of the insurance policy on the date of death was 90,000 and Insurance proceeds to be received is 180,000. He has not stayed at any time in the holiday villa but he used to stay in the Residence all the times before his death. As per his will he kept the cash, motor car and Shares of Quoted Company for his wife and the balance to his son. His Income tax liability 10,000 was due and 6,000 incurred for the funeral expense of Shan. Executors claimed that 15,000 the cost of administration of the Estate after the death of Shan. Resident Nil Rate Band for 2019/20 is 150,000 Nil Rate Band (NRB) for 2019/20 is 325,000