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Question 4. Marks 7 Ms. Shaheena incurred following transactions during the tax year 2020. Jan 2020 - Sold 1,000 shares of Sitara Ltd. at listed
Question 4. Marks 7 Ms. Shaheena incurred following transactions during the tax year 2020. Jan 2020 - Sold 1,000 shares of Sitara Ltd. at listed price of Rs. 150 per share which were acquired in 2015 at cost of Rs. 50 per share. Paid commission to broker amounting to Rs. 5,000. Apr 2020 - Sold a plot for Rs. 20,000,000 which she purchased during Feb 2018 for 14,500,000. Paid commission to dealer Rs. 100,000. May 2020 - Sold 2,000 shares of Surkhaab (Pvt) Ltd. for Rs. 150 each. These shares were gifted by her husband 2 year ago when the fair value of these shares was Rs. 90 each. June 2020 - Sold personal car for Rs 1,800,000 to a family friend, however, market value of the car was at the time sale was 2,100,000. Required: a) Compute capital gain arisen to Ms. Shaheena and income tax thereon. (Marks 5) b) Which tax regime shall apply to each of the capital gain. (Marks 2)
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