Determine tax payable by Mr. Asad (a non-salaried and filer individual) for tax year 2020 using the following information: 

a) On 15/06/2020, he sells 13,610 shares of Good Ltd. (a non-listed company) for Rs. 975,730 gifted to him by his brother on 13/02/2019, when their fair market value was Rs. 890,540. 

b) From 23,820 shares of a listed company, inherited to him by his father on 23/08/2019 with the FMV of Rs. 17 each at that time, he sells 21,230 shares at Rs 325,000 on 30/10/2019. The break-up value & market price of each share was Rs. 12.50 & Rs. 22.00 respectively.

 c) A luxury bed-set purchased on 15 January 2014 for Rs. 425,000 sold to Mr. Tee for Rs. 375,000 on 27/06/2020. 

d) 107,410 postage stamps collected over many years at an accumulated cost of Rs. 350,240 sold for Rs. 983,853.

Answer rating: 100% (QA)

a Capital Gain on sale of shares 975730890540 85190 b Capit... View the full answer