Question 4.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 acquiredin 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 giftedby 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 thecar was at the time sale was 2,100,000.Required:a) Compute capital gain arisen to Ms. Shaheena and income tax thereon.b) Which tax regime shall apply to each of the capital gain.

The term "capital gain" describes the profit made when an item, such as stocks, real estate, or…

Answered: a) Compute capital gain arisen to Ms.…

a) Compute capital gain arisen to Ms. Shaheena and income tax thereon. b) Which tax regime shall apply to each of the capital gain.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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