Q3b.

Koo papa was appointed the principal; of Asemansa Training college on 1st August 2020. On the occasion of his induction to office, he received the following gifts i. Cash of Ghc12,000,000 from the old boys association of the school of which he is a members, ii. Cash of $2000 from a friend in America, (exchange rate is ($1 = Ghc6.4) iii. Kente cloth valued at 4,300,000 from his brother in law. You are required to compute the gift tax payable to Koo Papa.