Transactions of Mr. Amin for the year ended June 30, 2020 are as follow . Purchased 3,000 ordinary at Rs. 575 on August 31, 2019 which he subsequently soldto his office colleague at Rs. 729 on April 19, 2020. On May 31, 2020 he sold his flat for Rs. 12,000,000 which he purchased on Feb 01, 2018 from his friend at Rs. 10,550,000. On June 01, 2020 sell 500 ordinary shares for Rs. 56 each which he purchase at Rs.39 per share because of urgent need of cash. Beside above he is also carrying a loss of Rs. 39,000 in his books which was booked in Jan 25, 2013. Calculate taxable income and tax amount thereof.

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To calculate Mr Amins taxable income and the tax amount we need to consider his various transactions ... View the full answer